Bitcoin (BTC) is in bad shape and Bitcoin price needs to make a plunge above the ten thousand two hundred dollars ($10,200) of it wants a piece of the bearish action.
Bitcoin price went over the ten thousand two hundred and fifty ($10,250) dollars mark and the traders were determined that things stay that way, thus the ten thousand four hundred dollars ($10,400) mark was also taken down.
The ten thousand five hundred ($10,500) and the ten thousand six hundred dollars ($10,600) resistances were broken as well after which the cryptocurrency went on a fresh decline from ten thousand six hundred and ninety-seven ($10,697) dollars. The bearish arena greeted Bitcoin (BTC) with open arms once it spiraled down the ten thousand four hundred dollars ($10,400) mark.
Bitcoin price chart by Crypto Compare
The ten thousand three hundred dollars ($10,300) territory did not offer much resistance and neither did the hundred (100) hourly moving average got a chance to create a hindrance. The sellers had the upper hand and Bitcoin found itself at ten thousand and ninety-five dollars ($10,095), where it had been consolidating.
Bitcoin price gets picked off the shelf for ten thousand one hundred and four dollars ($10,104.45) with a market cap of one hundred and eighty billion dollars ($180,865,613,352). The past twenty-four-hour volume amounts to fifteen billion dollars ($15,645,183,607).
Where is Bitcoin price headed?
The king of cryptocurrency has two ways to go from here. Either towards the first resistance level at ten thousand two hundred dollars ($10,200), after which it will face twenty-three percent (23.6%) Fibonacci retracement level at ten thousand two hundred and thirty-five ($10,235) dollars. Ten thousand three hundred and fifty dollars ($10,350) holds the spot for the third key resistance.
The fifty percent (50%) Fibonacci retracement level from ten thousand ninety ($10,090) on the lower end and ten thousand six hundred and ninety-seven ($10,697) on the higher end lies near the ten thousand and four hundred dollars ($10,400) resistance mark. Ten thousand five hundred dollars ($10,500) seems to be the point till where BTC can make its journey to if the bulls push hard.
Bitcoin price chart by Trading View
If the bears take BTC back, then ten thousand forty ($10,040) is the first support mark that the crypto faces followed by the then thousand dollars ($10,000) mark. If the bears break below, we have nine thousand eight hundred dollars ($9800), then nine thousand five hundred dollars ($9500) to act as barriers against the slide.
Finally, nine thousand two hundred and fifty dollars ($9250) will be the sustenance level if all hell breaks loose.
The moving average convergence/divergence (MACD) is gaining pace in the bearish region while the relative strength index is below fifty (50) but not bearish.
