Bitcoin price found support near the $10,060 level and recently corrected higher. However, BTC/USD is facing a strong resistance near the $10,380 and $10,400 levels.
After starting a downside correction, the bitcoin price settled below the $10,300 area against the US Dollar. BTC to USD tested the $10,060 support area on a couple of occasions and recently climbed higher.
Looking at the 1-hour chart, the price traded as low as $10,097 and recently recovered above the $10,250 level. Moreover, there was a close above $10,200 and the 25 simple moving average (1-hours, orange).
The market data is provided by TradingView, Bitfinex.
Besides, the price traded above the 50% Fib retracement level of the recent dip from the $10,491 high to $10,097 low. It gained paced above the $10,300 resistance area.
However, the bitcoin price struggled to break the $10,350 area, and the 61.8% Fib retracement level of the recent dip from the $10,491 high to $10,097 low.
At the moment, the price is moving lower below $10,350 and the 25 simple moving average (1-hours, orange). On the downside, there is a decent support forming near the $10,200 level.
Additionally, bitcoin is following a key bullish trend line with support near $10,210 on the 1-hour chart. If there is a downside break below the $10,200 level, the price could continue to move down.
The main support is near the $10,060 level, below which it could continue to slide towards the $10,000 level. Any further losses may perhaps lead the price towards the $9,700 area.
On the upside, the $10,350 and $10,380 levels are important hurdles. A clear break above $10,380 could open the doors for a larger move in the coming sessions. The main target for the bulls could be $10,650.