Bitcoin price trades lower for the second day after the BTCUSD rejected yesterday in Asian trading session at $10500. The two-day correction drove the price below the $10200 mark. Now it is critical for the crypto pair to hold above the support at $10000 round figure. The correction was across the cryptocurrencies space as investors booked profits from the recent highs.
Judy Shelton, President Trump’s nominee to the Fed Board at the Senate confirmation hearing said the U.S. needs fintech innovation to keep ahead of other countries. Judy Shelton said that digitizing the U.S. dollar could help maintain the currency’s ascendancy in global commerce
Bitcoin’s halving event in May, an event every four years where the bitcoin network undergoes a 50% reduction in its mining rewards, has been spreading bullish momentum around the bitcoin.
Read our Best Trading Ideas for 2020.
Bitcoin Price Resistance and Support
Bitcoin is 0.71% lower today at $10152 as bulls stalled at the $10500 mark to take some profits off the table. A break below the 10000 figure might cancel the recent positive momentum and more sellers might join the action.
On the downside, initial support will be met at $10140. If bitcoin price breaks below the daily low, the next support stands at $10000 psychological figure. Next support level is at $9713 the low from February 11th trading session.
On the upside, the first hurdle for bitcoin stands at $10294 the daily high. The next resistance stands at 10500 the five month-highs from yesterday’s trading session. The September 8th high at $10592 is the next supply zone. Above that level more offers would emerge at $10930 high from September 6th.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.