• Bitcoin cannot hold the ground above the critical $10,000.
  • A strong short-term support is created by $9,700.

Bitcoin (BTC) hit $10,166 during early Asian hours and retreated to $9,970 by the time of writing. The lack of follow-through makes the coin vulnerable to further losses. BTC/USD has gained 2.2% on a day-on-day basis and lost 1.1% since the beginning of the day.

Bitcoin's technical picture

Looking technically, the initial resistance is created by psychological $10,000 strengthened by the middle line of the 1-hour Bollinger Band. However, once it is broken, we will need to see a follow-through and a sustainable move above the intraday high of $10,166 and the upper line of 4-hour Bollinger Band located on approach for the upside to gain traction. The next strong resistance comes at $10,500. It is created by SMA50 (Simple Moving Average) on a daily chart.

The strong support awaits BTC/USD on approach to $9,700. This barrier is created by a confluence of SMA50 and the middle line of the Bollinger Band on 4-hour chart and SMA200 on 1-hour chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $9,250 (the lower line of 4-hour Bollinger Band) and psychological $9,000.

BTC/USD, 1-hour chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Michael Saylor predicts Bitcoin to surge to $100K by year-end

Michael Saylor predicts Bitcoin to surge to $100K by year-end

MicroStrategy's executive chairman, Michael Saylor, predicts Bitcoin will hit $100,000 by the end of 2024, calling the United States (US) election outcome the most significant event for Bitcoin in the last four years.

More Bitcoin News
Ripple surges to new 2024 high on XRP Robinhood listing, Gensler departure talk

Ripple surges to new 2024 high on XRP Robinhood listing, Gensler departure talk

Ripple price rallies almost 6% on Friday, extending the 12% increase seen on Thursday, following Robinhood’s listing of XRP on its exchange. XRP reacts positively to recent speculation about Chair Gary Gensler leaving the US Securities and Exchange Commission.

More Ripple News
Bitcoin Weekly Forecast: New high of $100K or correction to $78K?

Bitcoin Weekly Forecast: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

More Bitcoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to 100k or pullback to 78k?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to 100k or pullback to 78k?

Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.

More Cryptocurrencies News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin (BTC) surged up to 16% in the first half of the week, reaching a new all-time high of $93,265, followed by a slight decline in the latter half. Reports suggest the continuation of the ongoing rally as they highlight that the current trading level is still not overvalued and that project targets are above $100K in the coming weeks. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP