Bitcoin price BTCUSD

Bitcoin Price Technical Correction Might Test $10,000

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.

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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.

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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.

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Bitcoin price chart

Bitcoin Price Technical Correction Might Test $10,000
Bitcoin Price Technical Correction Might Test $10,000

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