Bitcoin Price Analysis: Bitcoin has rejected 10K again but what are the technicals telling us?

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  • Bitcoin is trading 0.43% lower as the bulls take a break and buying pressure eases.
  • Now the price has consolidated and it will be interesting if the price will form a base around 10K.

BTC/USD 1-Hour Chart

Looking at the chart below you can see the main resistance holds at 10,522.51.

Beyond that 10K has been doing a good job as a support level.

On the top of the current wave, 10,300.00 is the level to watch out for.

If we break that then the chances of testing the recent highs are much better.

The overall concern is that this new formation is a lower high wave. So if 10K breaks that will confirm this and we could be in for a deeper pullback.

Bitcoin Chart

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