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Bitcoin Price (BTC) Rebounding But Can Bulls Overcome $10,500?
Bitcoin price remained well supported above the main $10,000 level against the US Dollar.The price is trading nicely above the $10,250 resistance, but it might struggle near $10,500.Yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is currently consolidating gains below the $10,450 and $10,500 resistance levels.Bitcoin price is gaining bullish momentum above $10,300 against the US Dollar. BTC must break $10,450 and $10,500 to continue higher in the coming sessions.Bitcoin Price AnalysisThis week, we saw Looking at the chart, bitcoin price is trading with a positive bias above the $10,200 level and the 100 hourly SMA. Therefore, there are chances of a decent rise above the $10,450 and $10,500 level. Conversely, only a close below $10,200 might spark fresh bearish moves.Technical indicators:Hourly MACD – The MACD is slowly moving back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.Major Support Levels – $10,200 followed by $10,000.Major Resistance Levels – $10,450, $10,500 and $10,600.
Author: Aayush Jindal
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