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Bitcoin Price (BTC) Showing Signs of Weakness, Could Test $10K
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  • Bitcoin price failed to accelerate above $10,700 and declined recently against the US Dollar.

  • The price broke the key $10,500 and $10,400 support levels to move into a short term bearish zone.

  • There is a new bearish trend line forming with resistance near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The price could continue to slide towards the $10,000 and $9,800 support levels in the near term.
Bitcoin price is showing a few bearish signs below the $10,500 support against the US Dollar. BTC price might soon test the key $10,000 support level, where the bulls could emerge.The current price action seems bearish, suggesting more losses below $10,200 and $10,100. The price might even spiked below the $10,000 support area. The next important support below $10,000 is near the $9,800 level.[Image: Bitcoin-22.png]
Looking at the chart, bitcoin price is clearly facing a lot of hurdles near $10,400 and $10,500 (the previous supports). To start a decent upward move, the price needs to surpass the $10,500 resistance and the 100 hourly SMA. If not, there is a risk of a downside extension below $10,000 in the near term.
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Bitcoin Price (BTC) Showing Signs of Weakness, Could Test $10K00