Bitcoin Price Analysis –Bitcoin’s Price Drops Following Weak Bullish Momentum, Is $10000 Reliable?

Bitcoin Price Analysis –Bitcoin’s Price Drops Following Weak Bullish Momentum, Is $10000 Reliable?

• Bitcoin corrects downward after meeting tough resistance around $10450.
• If Bitcoin fails to regain momentum at $10200-$10000 support area; a bearish correction could occur.

Over the last 24-hours, Bitcoin’s price has remained under $10500 after seeing about 8% increases this week. The price increase made Bitcoin to mark a fresh yearly high at around $10450, but the level has proven difficult for the bulls to surpass. Following a current rejection, Bitcoin is now retracing to $10200-$10000 support. If this area fails to provide a rebound, Bitcoin may go bearish on a short-term.

Key resistance levels: $10600, $10800
Key support levels: $10000, $9700

Bitcoin (BTC) Price Analysis: 4H Chart – Bullish

After bouncing back from $9700 this week, Bitcoin continues to trade inside a two week rising wedge. But this time, the market is providing a discount for buyers again. The retracement area to look out for is $10000, around the wedge’s lower boundary. Meanwhile, this wedge pattern is almost reaching a breakpoint on the 4-hours chart.

BTCUSD, 4H Chart – February 13

If Bitcoin’s price slumps beneath this wedge, the immediate support to watch out for is $9700, where BTC recently bounced from. Breaking this weekly support could lead us to a temporal bearish swing. However, if BTC tried to regain momentum above $10000, the next level of resistance to watch is $10600 and $10800. Still, Bitcoin needs to reclaim the current high of $10450 before advancing higher.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

On the hourly chart, Bitcoin nosedived after facing multiple rejections around the channel’s upper boundary. We can see that the market is heading for the channel’s lower boundary, but the market currently encountered minor support around $10200 – right on the first blue area on the chart.

BTCUSD, Hourly Chart – February 13

In case the price keeps dropping, we can expect support at the channel’s lower boundary of $10000. A bearish extension could drop Bitcoin into the subsequent blue support area of 9850 and $9700. The scenario could get uglier if the market to fall. Currently, BTC holds resistance at $10450. If the price finds support around $10200 or $10000, the bullish sentiment is expected to reach $10600 in the next rally.

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.