The latest cryptocurrency news show that Bitcoin is rebounding and that the market is in a good position. Speaking of, the Bitcoin price remained well supported above the $10,000 level against the US dollar. The price has been trading nicely above the $10,250 resistance but might struggle near $10,500.
Now that Bitcoin is rebounding, we see another test of the $10,000 support by the Bitcoin price against the US dollar. The bears have however failed to gain control below $10,000. As a result of this, the price started a fresh increase from the $9,893 swing low and broke the $10,000 and $10,200 resistance levels, moving into a short term positive zone.
There was also a close above the $10,250 level and the 100 hourly simple moving average featured on many best cryptocurrency news sites. During the rise, the price of BTC surpassed the 50% Fib retracement level of the latest decline from $10,598 to $9,893.
More importantly, the highlighted key declining channel yesterday was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair. The pair even traded above the $10,400 resistance level – but still failed to breach the $10,500 resistance area which is seen as crucial right now.
At the moment, Bitcoin is rebounding – and the price is facing hurdles near the 76.4% Fib retracement level of the last key decline. If there is an upside break above $10,450, it is clear that the price could continue to rise in the coming sessions. In such case, the BTC price is likely to gain momentum above the $10,590 and $10,600 levels.
Conversely, if the Bitcoin price sees a downside correction, it could test the $10,200 support area. Additionally, the 100 hourly SMA is also nearby and if there is a close below it, the price is likely to resume its decline and revisit the $10,000 support area.
When looking at the chart, the entire Bitcoin is rebounding scenario shows that BTC is trading with a positive bias above the $10,200 level and the 100 hourly SMA. Therefore, the chances of a decent rise above the $10,450 and $10,500 level are there – but only a close below $10,200 might spark fresh bearish moves.
The technical analysis shows the following indicators:
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.