Bitcoin price struggled to gain bullish momentum above $9,850 and declined recently. BTC/USD is currently correcting higher from $9,560, but it could face sellers near $9,880.
Recently, the bitcoin price tagged the $10,000 resistance area against the US Dollar. However, BTC to USD failed to continue above the $10,000 handle and recently started a fresh decline.
Looking at the 1-hour chart, the price declined sharply below the $9,840 support area. Besides, there was a break below the $9,800 level and the 25 simple moving average (1-hours, orange).
The market data is provided by TradingView, Bitfinex.
The decline was such that the price spiked below the $9,700 level and a new swing low was formed near $9,561. The price is currently correcting higher and trading above the 23.6% Fib retracement level of the recent decline from the $10,023 high to $9,561 low.
At the moment, the bitcoin price is trading inside a short term declining channel with resistance near $9,780 on the 1-hour chart. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $10,023 high to $9,561 low.
Therefore, a clear break above the $9,790 and $9,840 resistance levels is needed for more gains in the coming sessions. The main resistance is still near the $10,000 level, above which there are chances of a strong rise towards the $10,400 level.
Conversely, Bitcoin might fail to climb above the $9,840 resistance and the 25 simple moving average (1-hours, orange). In the mentioned case, the price could resume its decline below the $9,700 and $9,650 levels.
The main support is still near the $9,560 level, below which BTC might decline heavily. The next target for the bears may perhaps be near the $9,500 level.