- BTC bulls appear to face exhaustion after rejection at higher levels.
- A potential rising wedge formation spotted on the hourly chart.
- Acceptance below 10,693 could revive the bearish bias.
Bitcoin (BTC/USD) reversed Friday’s temporary reversal and resumed the previous bounce on Saturday, only to find stiff resistance once around the $10,800 region. The most favorite digital asset has erased early gains and trades neutral near 10,700, at the press time. The constant failure to sustain at higher levels suggests that the BTC bulls are facing exhaustion, having attempted recovery from Wednesday’s two-week lows of 10,137. The market capitalization of the No.1 crypto coin stands at $198.77 billion, as it is set to end the week about 2% lower.
Technical Outlook
BTC/USD: Hourly chart
As observed on the hourly chart, BTC/USD is teasing a rising wedge breakdown, with an hourly closing below the rising trendline support at $10,711 likely to validate the pattern.
However, the BTC bulls could be offered some temporary reprieve if they manage to hold onto the critical support at 10,693, where the horizontal 200-hourly Simple Moving Average (HMA) intersects with the upward-sloping 21-HMA.
The hourly Relative Strength Index (RSI) has turned flat while trending above the midline, at 56.12, indicative of a minor bounce.
On the pattern confirmation, the sellers will aim for the 10,439 target. On its way to the said level, the bullish 50-HMA at 10,626 could cushion the downside.
Further south, the 100-HMA at 10,526 will also test the bears’ commitment.
Alternatively, if the robust support at 10,693 holds, a rebound towards the $10,800 level cannot be ruled.
The buyers will then target the next barrier at $10,830, which is the convergence of the intraday high and rising trendline resistance.
BTC/USD: Additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Cash Price Forecast: BCH rallies as transaction rate reaches a new all-time high
Bitcoin Cash (BCH) price is rallying more than 7%, trading around $342 on Wednesday after retesting its key support level the previous day. On-chain metrics support the bullish outlook as BCH’s transaction rate reaches a new high, and open interest is also rising.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP signal recovery ahead of White House Crypto Summit
Bitcoin (BTC) hovers around $87,600 on Wednesday after finding support around its key level the previous day. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and have retested their key support levels, hinting at a recovery.
Binance media traction drops 103% as Trump excluded BNB from crypto strategic reserve: How will price react?
Binance Coin (BNB) price stabilized at $560 on Tuesday, with its 9% decline representing the lowest losses among the top five crypto assets. Rising trading volumes appear to be cushioning the impact of negative market sentiment following Trump’s decision to exclude BNB from the newly established Crypto strategic reserve.
Crypto Today: Pi Coin rallies, BTC, XRP hold key levels, as Made-in-USA assets lose $63B on Trump tariff woes
Bitcoin price stabilizes above the $82,000 support level, down 13% from the local top of $95,000 recorded after Trump’s crypto strategic reserve announcement in the weekend.
Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.