Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies
- Bitcoin price is jumped higher recently, but it struggled to continue above $10,500 against the US Dollar.
- The price is currently trading in a bearish zone and it could accelerate losses below $10,200 in the near term.
- There is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is slowly turning sell on rallies near the $10,450 and $10,500 levels.
Bitcoin price is currently trading in a range below $10,500 against the US Dollar. BTC could decline further if it continues to struggle below the $10,500 level.
Bitcoin Price Analysis
In the past few sessions, bitcoin price below $10,600 against the US Dollar. The decline was such that the BTC/USD pair broke the $10,200 support area as well. Moreover, the price spiked below the $10,100 level. A new swing low was formed near the $10,054 and recently the price corrected higher. It spiked above $10,400, but the bulls failed to gain traction above the $10,500 level.