HomeBitcoin NewsBitcoin Price Analysis: BTC Could Extend Losses Unless It Clears $10,750

Bitcoin Price Analysis: BTC Could Extend Losses Unless It Clears $10,750

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  • Bitcoin price started a fresh decline from the $11,175 swing high against the US Dollar.
  • The price is now trading well below the $10,580 support level and the 55 SMA (H4).
  • There was a break below a crucial bullish trend line with support near $10,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to extend losses as long as it is below the $10,580 and $10,750 resistance levels.

Bitcoin price is currently trading in a bearish zone below $10,580 against the US Dollar. BTC remains at a risk of more losses below the $10,200 and $10,000 levels.

Bitcoin Price Analysis

In the past few sessions, bitcoin price saw a sharp decline from well above the $11,000 level against the US Dollar. BTC broke a couple of key supports near the $10,750 level to move into a bearish zone.

The decline was such that the price declined below the $10,580 support and the 55 simple moving average (4-hours). More importantly, there was a break below a crucial bullish trend line with support near $10,800 on the 4-hours chart of the BTC/USD pair.

The pair traded as low as $10,184 and it is currently correcting losses. It broke the 23.6% Fib retracement level of the recent decline from the $11,175 high to $10,184 low. However, the previous support near the $10,580 level is now acting as a strong resistance.

The next key resistance is near the $10,680 level or the 50% Fib retracement level of the recent decline from the $11,175 high to $10,184 low. The main resistance is near the $10,750 level and the 55 simple moving average (4-hours).

A clear break above the $10,580 level and then a follow up move above $10,750 is needed for a fresh increase. If not, there are chances of more losses below the $10,200 level.

The next major support is near the $10,000 level, below which bitcoin bears are likely to aim a larger decline towards the $9,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is now trading well below the $10,580 support level and the 55 SMA (H4). Overall, the price is likely to extend losses as long as it is below the $10,580 and $10,750 resistance levels in the near term.

Technical indicators

4 hours MACD – The MACD is struggling to gain pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.

Key Support Levels – $10,200 and $10,000.

Key Resistance Levels – $10,580, $10,680 and $10,750.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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