- BTC/USD has recovered from the intraday low, but bearish sentiments are still strong.
- Strong support area comes on approach to $9,500.
Bitcoin (BTC) bulls struggle to keep the price above $10,000. The coin tested waters below this critical handle twice on Wednesday; however, each time new buyers popped in and saved the situation. At the time of writing, BTC/USD is changing hands at $10,017, down about 2% on a day-on-day basis. Bitcoin’s market dominance is unchanged- 69.8%.
Bitcoin’s technical picture
Looking technically, BTC/USD has been moving down for the fourth day in succession; however, on a daily chart the coin is still limited by a tight range where $10,800 serves as a resistance and $9,500 serves as a support. A sustainable move in either direction will help to clarify the further trend.
Intermediate support also awaits the bulls on approach to $10,500. It is created by a confluence of SMA50 (Simple Moving Average) and SMA100 on a daily chart. Once it is out of the way, the upside is likely to gain traction with the next focus on the above-said $10,800. The ultimate barrier comes at $11,000.
On the downside, a sustainable move above $10,000 will open up the way towards $9,500 and $9,320, which is the lowest level since the end of August.
BTC/USD, daily chart
Cryptocurrencies price prediction: Bitcoin, Ethereum & Ripple
Bitcoin price analysis: BTC/USD lethargic under $10,000
Bitcoin price is dancing slightly under $10,000 after failing to maintain headway over the weekend session. The bears are still holding onto the joystick. A triangle breakout will strongly determine where Bitcoin heads to next.
Ethereum market update: ETH/USD struggling with a lower high pattern
Ethereum was easily among the best performing cryptocurrencies last week. Besides, rising to a one-month high around $225, the buyers nagged to defend the critical $200 support building bear pressure cross the market.
Ripple market overview: XRP/USD falling wedge pattern breakout looms
Ripple price continued with the lower leg action throughout the weekend session. The trading on Monday also started with the bears cementing their position and influence over the price.