Bitcoin Price Watch – BTC/USD Falls Below $10,000

Bitcoin price fell slightly over the past two days, now trading at just below $10,000. The cryptocurrency failed to break above the $12,000 mark, which was a major resistance point set earlier this week. To industry experts, the recent price drop is most likely a product of profit-taking as well as a BTC price resistance established near $11,000.

Bitcoin Reversal Still A Possibility

Though BTC price has been on the decline lately, it’s still possible that it bounces back in immediate future. A break above $10,000 is likely to occur should the momentum for the past two hours hold up. A bullish trend line is forming, along with a visible head-and-shoulders pattern. A BTC price support is being held around $9,880.

Source: Tradingview

A strong bullish signal can be seen in the MACD line crossover. Investors will need to monitor this bull trend later today. Moving past $10,000 would mean a stronger price recovery is set in motion for next week.

Looking at the Technical Indicators:

  • Hourly MACD — BTC is in a bullish zone as the MACD and signal lines are forming a crossover
  • Major Support Level — $9,880
  • Major Resistance Level — $10,000

Featured Image: Depositphotos/© Primakov

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.

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