Bitcoin price analysis: BTC/USD fails to hold above $10,200; will the 50 SMA hold?
|- Bitcoin was unable to hold on to the tentative support at $10,200 after retreating from $10,255 intraday high.
- Bitcoin is technically in positive range with a lot of potentials to rise to higher levels.
Bitcoin led the market is a slight recovery on Thursday. This saw the grandparent of cryptocurrencies make headway above the critical $10,000. Bitcoin gave the price action a formidable boost above $10,100. Although the price scaled to an intraday high of $10,255, Bitcoin was unable to hold on to the tentative support at $10,200.
At press time, a bearish force is pushing Bitcoin towards the short-term trendline support. In the event this support gives in, BTC/USD is likely to refresh the levels around $10,100. The 50 Simple Moving Average (SMA) is in line to offer support at $10,079.59.
Despite the ongoing correction, Bitcoin is technically in positive range with a lot of potentials to rise to higher levels. The range between $10,100 and $10,000 is coming up as credible support. Possible dips in this year are likely to result in a bounce above $10,200.
Moreover, the Relative Strength Index (RSI) trend is strongly bullish for Bitcoin price. The recovery from the oversold has been impressive. Entry into the overbought would suggest stronger uptrend.
BTC/USD 1-hour chart
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