- The Bitcoin price recently rebounded, climbing above the $ 10,200 resistance to the US dollar.
- The price is currently trading well over $ 10,300 but faces hurdles near $ 10,500 and $ 10,600 support near $ 10,250 on the BTC / USD pair hourly chart (Kraken's data feed) ,
- The price is likely to rise higher in the near term if it breaks the $ 10,600 resistance range.
The Bitcoin price corrects higher with a positive trend over $ 10,200 against the US dollar. The BTC could continue to rise as it breaks through the resistance of $ 10,500 and $ 10,600.
Bitcoin Price Analysis
Last week, we saw a sharp decline in the BTC with support of $ 1
However, the price is facing some major hurdles near the resistance levels of $ 10,500 and $ 10,600. There have been some attempts to surpass 10,500 and 10,600 dollars in resistance, but the bulls failed. The last swing high was formed near $ 10,513 and the price is currently declining. It traded below $ 10,400 plus a 23.6% fib retracement of the last leg from $ 9,998 to $ 10,513.
On the other hand, there is decent support near the level of $ 10,250 and $ 10,200. In addition, the BTC / USD pair hourly chart is followed by a bullish trendline with support near $ 10,250. The Bitcoin price could also find strong bids near the $ 10,225 level and the 100-hour SMA. If the cops do not defend $ 10,200 in support, the price could fall back to $ 10,000.
On the upside, the price clearly faces strong resistance near the levels of $ 10,500 and $ 10,600. Therefore, a convincing break above the $ 10,600 level is needed for the bulls to gain ground. In this case, the price could accelerate towards the resistance levels of $ 10,800 and $ 11,000.
Looking at the chart, the Bitcoin price is approaching a crucial breakout point and approaching it could either climb above $ 10,600 or initiate a new decline below $ 10,200 , As long as there is no closing price above $ 10,500 and $ 10,600, there is a risk of further losses. The key supports below $ 10,200 are close to $ 10,000 and $ 9,800.
Hourly MACD – The MACD is likely to return to the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently above the 50 level.
Key support levels – $ 10,200, followed by $ 10,200.
Key Resistance Levels – $ 10,500, $ 10,600, and $ 10,650.