Bitcoin Technical Analysis: BTC/USD holding two crucial trendlines, ready for another go at $10,000

Bitcoin is in a daily downtrend and is not seeing a lot of action today on June 17. The lowest point today was $9,359 and the high was $9,559. Bitcoin bulls are still not worried in the long-term as most fundamentals are positive. It’s also important to note that Bitcoin has seen significant correlation with the stock market, especially the S&P 500. 

BTC/USD daily chart

Bitcoin has been trading above a trendline formed all the way back on March 12. The blue trendline seen on the chart was held almost perfectly on June 15. Bulls quickly jumped in and pushed Bitcoin back up after a dip below $9,000. There is another bullish trendline for Bitcoin, indicated with green on the chart. BTC/USD is currently trading above both trendlines and is fighting to stay above the 26-EMA and the 12-EMA.

BTC/USD 4-hour chart

Unfortunately, the bulls have lost the 4-hour uptrend and both EMAs. The 12-EMA and the 26-EMA just crossed bullishly but are at risk of a bear cross if the negative price action continues. The most important resistance level to beat is $9,559 followed by $9,589. There is no more support for Bitcoin until $8,900 and $9,000 psychological level.