Bitcoin price has been in a weird state of decay, where it is unable to break past the ten thousand five hundred dollars mark ($10500) it is also not stepping below the ten thousand dollars ($10,000) mark.
Bitcoin (BTC) has recently experienced a rise in its price and rose from the four-digit territory above the ten thousand two hundred dollars ($10,200) and the ten thousand two hundred and fifty dollars ($10,250) support as well.
Bitcoin price movement affecting altcoins
Many altcoins have recovered as a result of this upward movement in Bitcoin price including; Ethereum, Ripple, EOS, Bitcoin Cash, EOS and Ethereum Classic (ETC also had a hard fork which is mainly responsible for the price surge).
The Fibonacci retracement level in the range between ten thousand nine hundred and seventy-five dollars ($10,975) at the higher peg. While nine thousand seven hundred and fifty-seven dollars ($9757) on the lower side- had been a key mark after which, BTC price rallied downwards. The one hundred hourly (100) simple moving average (SMA) also lies on the ten thousand two hundred dollars ($10,200) mark.
The fifty percent (50%) Fibonacci retracement level between ten thousand nine hundred and seventy-five dollars ($10,975) high and nine thousand seven hundred and fifty-seven ($9,757) low was given a reality check as well before the price came back down. The sixty-one percent (61.8%) Fibonacci retracement level from ten thousand nine hundred and seventy-five dollars ($10,975) high to nine thousand seven hundred and fifty-seven ($9,757) is at ten thousand five hundred and ten dollars ($10,510) mark.
A bearish rally will begin when the bears make it above the ten thousand five hundred dollars ($10,500) mark. This is a key mark in the resistance jungle that BTC will have to venture through. Treading along the path, BTC price will experience another resistance level at eleven thousand dollars ($11,000).
While on the flip side, BTC will be stopped on ten thousand two hundred and fifty dollars ($10,250).
The next support mark below it – extremely important – is at ten thousand dollars ($10,000). A fresh decline will begin if the price falls below the ten thousand dollars ($10,000) support. Word of advice, Bitcoin price stands at ten thousand and forty-three dollars ($10,043.4) at the time of writing this article.
The pattern portrayed gives a declining path for BTC to follow. BTC might not stay in the five-digit zone for much longer. Traders should stick to the sidelines.