The price of the leading cryptocurrency Bitcoin [BTC] has continued its path following the bullish price cash commenced earlier within the week. Support above $9,300 USD as revealed earlier on Thursday was instrumental for subsequent run-up towards $10k. Support level. The renowned cryptocurrency took down the resistance at $9,500 & that at $9,600 price levels. Bulls tried to push past $9,700 but due to the emergence of selling pressure, BTC/USD hit a new monthly high at $9,691 USD.
The ongoing selling pressure saw Bitcoin lose traction, dropping under $9,600. At the time of reporting, BTC/USD is presently trading at a price around $9,509 USD. Buyers are working extremely hard to keep the worth above the ascending trendline. However, as it stands, bears seem to possess the whip hand. The hourly BTC/USD chart highlights a retreating RSI. An equivalent downtrend has also befallen the MACD, further reinforcing the bearish scenario.
Bitcoin Resistance & Support Levels For Today
Resistance Level 1: $9,596 USD – Highlights a cluster of technical indicators including the previous low 4-hour, SMA 100 15-minutes, SMA five 15-minutes, the Bollinger Band 1-hour middle along with the previous high 1-hour.
Resistance Level 2 : $9,695 USD – As shown by the converging pivot point one-week resistance three, the Bollinger Band 1-hour upper, the previous high one-day along with the pivot point one-day resistance one.
Support Level 1 : $9,497 USD – Might be a zone that’s home to the previous low one-day, the SMA 200 15-minutes, SMA 50 1-hour, the Bollinger Band 1-hour lower along with the pivot point one-day support one.
Support Level 2 : $9,397 USD – Highlighted by the SMA 50 one-day, the pivot point one-day support two, the SMA 100 1-hour and SMA five one-day.
However, as seen from the chart above, the trail of least resistance effort is downwards. Therefore, it’s essential that bulls keep the worth above $9,500 USD as they gather the strength for gains towards $10k USD support level.