Bitcoin Price Rejected at 10000 Bears Testing the $9600 Support
Bitcoin price gives up all of yesterday’s gains after the number one cryptocurrency failed for the second consecutive day to hold above the $10000 mark. In early Asian session BTCUSD breached below the $10000 mark and more sellers jumped in pushing the price back to $9600.
Bitcoin managed to break above the 10000 mark on Sunday after three-day consolidation around the 9600 zone. BTCUSD made the intraday high at $10027 and as of writing the bitcoin price is correcting lower giving up 2.07% at $9759.
Ethereum is also under selling pressure giving up 2.55% at 267.78, while Litecoin underperforms for one more day and is 4.79% lower at 75.98.
Bitcoin momentum is neutral now after today’s failure at the 10000 mark. Bears looking for a break below the 9550 mark that might initiate another leg lower.
On the downside, the first support for bitcoin will be met at $9586 the daily low. If BTCUSD price breaks below, the next support stands at $9406 the low from February 20th. In case of a move lower the next crucial support level is at $9173 where the 50-day moving average crosses.
On the flip side, the initial obstacle for BTCUSD stands at $10027 the daily high. Above that level, more selling pressure will be met at $10297 the high from February 19th. The five-month top at 10500 is the next supply zone.