Bitcoin Traces Bullish Trendline Within 4 Hours; Still Below $9800

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  • Bitcoin’s 4-hour chart shows slight uplift in the price
  • BTC price traces bullish trendline; finds support at $9675.88
  • The coin is currently correcting down from $9799.46
  • Bitcoin continues to trade under selling pressure

Yesterday’s bullish trend seems to be reversing as the coin has bearishly traded below $10,000 and has even broken below $9,800 against U.S.Dollar. The gradual price drop has affected top altcoins like XRP and ETH to quite an extent as both of them are heading downwards.

4 hours ago, Bitcoin was at $9,729.50 and it tumbled to $9,675.88. Here, the coin has found decent support to strike a surge at $9797.46 with an increase of 1.26%. After a downward correction, the coin saw next rise at $9799.11 but couldn’t cross the $9,800 price mark. At present, the coin is correcting down and is at $9774.62 at 09:40:22 UTC.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

BTC’s current price is even below its 5-day SMA and is 2.84% lower than its 30-day SMA of $10,060.53. The price scenario indicates to have a bearish effect at present as the coin is still carrying selling pressure.

Bitcoin Price Prediction & Technical Indicators:

MACD of the coin is moderately volatile and is in the bearish zone with its MACD line below the Signal line. RSI for BTC/USD is moving below 30 showing its oversold momentum. Bitcoin may find support levels at $9,566.39 and $9,358.83 and resistance at $10,119.41.