Bitcoin (BTC) price retested the $ 10,750 support and recently gained against the US Dollar. To start a new increase in the near term, BTC must stay above $ 10,750. BTC was trading at $ 10,943 at the time of writing.
Bitcoin is struggling to gain momentum above the $ 11K resistance levels. The price is currently trading well above the $ 10,750 support and is testing the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $ 10,880 on the hourly chart of the BTC / USD pair, according to analyst Aayush Jindal. If the bulls fail to maintain the $ 10,750 support zone in the near term, the pair could sneak up on the upside.
Key Support For Bitcoin Price
After trading near the $ 11,200 level, bitcoin price started a downside correction against the US Dollar. BTC corrected below the $ 11K level and the 100 hourly simple moving average. However, the bulls were able to maintain the main $ 10,750 support zone. There was a low near the $ 10,767 level and the price is now up. BTC broke the $ 10,880 and $ 10,880 levels to return to the short-term positive zone. There was also a break above the downtrend line near $ 10,880 on the hourly chart of the BTC / USD pair.
The price is currently trading well above the $ 10,750 support and is testing the 100 hourly simple moving average. On the upside, the first major resistance is near the $ 11k level. The next key resistance is near the $ 11,20 level. If there is a clear break above the $ 11,000 and $ 11,20 levels, the price is likely to continue to rise further.
The next major hurdle for the bulls could be near the $ 11,200 level. More gains could open the door for a larger upward move towards the $ 11,500 level in the near term.
According to analyst Florian Grummes, BTC is currently correcting in its summer rally. According to him, there is an area of recovery towards $ 11,500 in the short term. Emotion has become a bit pessimistic but (yet) does not present the opposite opportunity. The last few weeks before the US elections could be difficult, analyst said.
Can Bears Take Control in BTC?
If Bitcoin fails to move above the $ 11K pivot level, there is another downside risk. The main support on the downside is near the $ 10,750 zone where the bulls take a stand in many cases. A clear break below the $ 10,800 and $ 10,750 support levels could lead to a sharp decline. The next major support for the bulls to appear is near the $ 10,550 level.
Bitcoin’s rise from $ 10,000 to $ 11,000 was slow but steady. However, recently, bulls seem to have run out of power in the market, according to analyst Akash Girimath. Bitcoin’s outlook in the medium to long-term time frame looked bleak at the time of writing, and the article below explains why. According to Girimath, although the price of bitcoin is hopelessly holding to $ 11,000, it will soon loosen its dominance. After that, there will be a decrease towards 10 thousand dollars.