According to the latest technical analysis, the price of Bitcoin (BTC) once again returned to the $ 10,000 zone on February 24 before continuing to be pushed back, this move has turned this important psychological threshold into A tough resistance prevents the king's coin from gaining momentum.
After lightly touching the $ 10,000 mark on many exchanges at 7:30 this morning, BTC was quickly sold off to the $ 9,600 range in the next 3 hours.
Thus, the largest market capitalized cryptocurrency in the world in the past 24 hours has failed twice before the $ 10,000 threshold. The previous time was on Sunday afternoon (February 23), when BTC also approached the threshold of a five-digit value before being pushed back to $ 9,800.
The above price fluctuations are like cold water on the market after the positive signals of Bitcoin over the weekend. BTC sustained a support of $ 9,600 on Friday, creating a solid springboard to recover to $ 10,000 on Sunday, but failed to extend its uptrend.
And yet, with the failure to this important psychological threshold, BTC has also set a lower peak on the technical analysis chart, signaling the continuation of the correction process from the peak of $ 10,500 of February 13. .
The price of Bitcoin needs to soon rise sharply to this old peak to keep the upward trend from collapsing, with the immediate goal of resistance at $ 10,000.
4-hour graph of Bitcoin price
Bitcoin in the last 10 days has established 3 lower peaks (marked with golden arrows) on the 4-hour chart, the latest is $ 10,028 (on Bitstamp).
Given the current situation, only a sharp rise above this peak can keep the uptrend from the bottom of $ 6,850 during January from breaking, opening the door to approach the mold again. $ 10,500.
However, at the time of writing, BTC is showing signs of going down, after penetrating the uptrend line drawn from the bottom on February 19. Therefore, it is impossible to rule out the possibility of the world's No. 1 cryptocurrency preparing to return to the $ 9,508 support level of the 200-day moving average in a few hours.
If this support level is lost, which was resiliently resisting the BTC sell-offs in the previous week, then Bitcoin will slide to the bottom of $ 9,075 on February 4.
Weekly graph of Bitcoin price
Last week's Bitcoin candle was a doji candle, after the price has risen to $ 10,300 and dropped to $ 9,300 over the past 7 days, before closing the candle right near the starting point. This sign shows that the momentum of price increase is hesitant, and the market has not shown a clear psychology.
Therefore, any significant fluctuations of BTC price in the coming days will be a catalyst for the market to follow. Conquering the peak of $ 10,300, Bitcoin will open the door to grow to $ 11,000, while losing $ 9,300 will also be pushed to the $ 9,000 region.
- The prospect of Bitcoin is still unclear, although on the 4-hour chart the trend of the descending peak has clearly formed.
- However, if BTC can move above the psychological level of $ 10,000 with a sharp rally, this trend will be broken and provide a basis for the currency to recover to the next resistance levels at $ 10,300 and $ 10,500.
- On the other side, the downside pressure will try to penetrate the support of $ 9,500, clearing the way for BTC to be adjusted to $ 9,075 (February 4 bottom).
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