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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 ,200 support area.
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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:

• Hourly MACD – The MACD is moving back in the bearish zone.
• Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
• Major Support Levels – $10,200 and then $10,000.
• Major Resistance Levels – $10,450, $10,500 and then $10,600.