Bitcoin price analysis: BTC/USD stays dangerously close to $10,000,

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  • BTC/USD has recovered from the intraday low, but bearish sentiments are still strong.
  • Strong support area comes on approach to $9,500. 

Bitcoin (BTC) bulls struggle to keep the price above $10,000. The coin tested waters below this critical handle twice on Wednesday; however, each time new buyers popped in and saved the situation. At the time of writing, BTC/USD is changing hands at $10,017, down about 2% on a day-on-day basis. Bitcoin’s market dominance is unchanged- 69.8%.

Bitcoin’s technical picture

Looking technically, BTC/USD has been moving down for the fourth day in succession; however, on a daily chart the coin is still limited by a tight range where $10,800 serves as a resistance and $9,500 serves as a support. A sustainable move in either direction will help to clarify the further trend. 

Intermediate support also awaits the bulls on approach to $10,500. It is created by a confluence of SMA50 (Simple Moving Average) and SMA100 on a daily chart. Once it is out of the way, the upside is likely to gain traction with the next focus on the above-said $10,800. The ultimate barrier comes at $11,000.

On the downside, a sustainable move above $10,000 will open up the way towards $9,500 and $9,320, which is the lowest level since the end of August. 

BTC/USD, daily chart

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