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.
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
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