Bitcoin market update: BTC/USD losing ground under $10,500

  • Bitcoin recovered impressively from levels at $9,500 and hit a high at $ 10,805.
  • According to the short-term technical levels, Bitcoin could test $10,000.

The market is sinking back into the red ahead of the weekend sessions. Most digital assets gained valued significantly yesterday after a couple of days of battering from the bears. Bitcoin, for instance, dived to $9,000 before a bounce occurred. FXStreet had reported that Bitcoin was targeting the region between $8,800 - $8,500 is a rebound failed to hit levels above $10,000.

Interestingly, within an hour during the US trading session on Thursday Bitcoin added more than $1,000 to its value. Besides, returning to levels above $10,000, BTC/USD stepped above $10,500 and formed a high at $10,805.

At the time of writing, Bitcoin price has corrected from the mentioned highs. Moreover, it is losing ground under $10,500 while trading at $10,261. A break under the 100 Exponential Moving Average (EMA) 15-mins could further fuel the bearish momentum especially with the next most likely stop at the 50 Simple Moving Average (SMA) currently at $10,000.

According to the short-term technical levels, Bitcoin could test $10,000. However, this move will create fresh demand and push the price towards $11,000. The Moving Average Convergence Divergence (MACD) is heading towards the negative, in turn, signaling the sellers to increase their positions. The downward sloping Relative Strength Index (RSI) is doing little to help the bulls.

BTC/USD 1-h chart

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