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.
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.
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.