Bitcoin price is facing an uphill task near $10,500 and $10,680 against the US Dollar. BTC remains in a downtrend unless the bulls gain strength above $10,500.
Bitcoin Price Weekly Analysis (BTC)
In the last weekly forecast, we discussed the chances of more downsides in bitcoin price below $10,500 against the US Dollar. The BTC/USD pair did extend its decline and traded below the $10,200 and $10,000 support levels. The decline was such that the price even spiked below the $9,800 support level. Moreover, there was a close below the 100 simple moving average (4-hours) and the last swing low was formed near $9,757.
The price recovered above the $10,000 level plus the 23.6% Fib retracement level of the recent drop from the $10,964 high to $9,757 low. However, the upward move was capped near the $10,400 and $10,500 resistance levels. Moreover, the price struggled to gain momentum above the 50% Fib retracement level of the recent drop from the $10,964 high to $9,757 low. Read More at NewsBTC...