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Bitcoin Price Analysis: Bears Usher BTC Price Even Below $10500

 

 

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Bitcoin Price Analysis: Bears Usher BTC Price Even Below $10500

  • Bitcoin sees major price fall over a day, has stepped down well below $11,000
  • BTC has even broken below $10500, recently possessed price range above $10,400
  • Bitcoin has formed support level near $10,351.73 and the coin rebounded above $10,500 
  • Currently BTC is correcting after the rebound

Bitcoin price has been under bearish impact for a long time now. It is yesterday when the coin has dropped below $11000. Till today morning, the coin was ranging between $11800 and $11900 and today BTC has extended the fall even below $11500.

Bitcoin was trading at $10594.21 at 07:12 UTC and the price remained above $10500 till 08:37 UTC. later the coin tumbled even below $10400 and saw bottom at $10351.73 which is where it seems to have a support price. Bitcoin has rebounded from there with an increase of 1.92%. Here Bitcoin has traced a close above $10500 and then corrected down from there.

At 11:11:03 UTC, Bitcoin was at $10,465.56 with a price decline of 1.21% over the last 4 hours.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Currently, Bitcoin is 4.43% down as compared to its 100-day SMA of $10,950.15. Also the coin has traded below its 10-day SMA. recently the long term SMA (100-day) has climbed above its short term SMA (10-day) showing a bearish price move.

Bitcoin Price Prediction & Technical Indicators:

MACD chart for the coin is in the bearish zone and is lowly volatile. RSI for the coin is at 30 indicating an oversold momentum. Bitcoin may see resistance at $11,267.14 and $11,638.46 and support at $10,459.02 and $10,087.7.

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