Bitcoin price analysis: 10,140 is the level to beat for bulls after symmetrical triangle breakdown

  • Bitcoin struggles to extend recovery above 10k following a bearish start.  
  • Technical set up continues to favor bears, 9,800 still on sight.

Bitcoin (BTC/USD), the most favorite cryptocurrency, resumes its recent bearish momentum following Thursday’s dead cat bounce, having breached the 10k mark earlier on Saturday to hit two-day lows of 9,960. There was no fundamental reason behind the sudden drop, as it was a technically driven move, with fresh stop triggered below a break above of the key 10,000 figure.

Meanwhile, quiet trading prevails across the crypto space so far this Saturday, with the No. 1 coin still vulnerable to bearish sentiments, despite the quick pullback above the 10k handle. At the press time, the rates are seen consolidating the V-shaped reversal to 10,100 levels, down over 1% during the last 24 hours, and with a market capitalization of $ 181.22 billion.

Technically, the first coin displayed a symmetrical breakdown on the hourly chart early-Saturday that triggered a sharp drop. Although the rates staged a quick comeback, helped by the hourly Relative Strength Index lying heavily in the oversold territory. Over the last hours, the bulls are struggling to extend the recovery momentum, as the set up still suggests that the further downside remains in play.

Therefore, a test of 9,800 levels (pattern target) remains inevitable, so long as the recovery attempts get sold-off into the key resistances aligned near 10,100 region – the confluence of the now support-turned-ascending trendline resistance and 50-Hour Simple Moving Average (HMA). Should the recovery gain traction above the last, the buyers could enter in and aim for a retest of the 10,140 level, where the descending trendline of the triangle, 21 and 100-HMA coincide. A sustained break above the last would confront the horizontal 200-HMA barrier, now at 10,220.

BTC/USD 1-hour chart

BTC/USD Levels to watch


Today last price 10079.04
Today Daily Change -90.87
Today Daily Change % -0.89
Today daily open 10169.91
Daily SMA20 10310.49
Daily SMA50 10508.58
Daily SMA100 10510.71
Daily SMA200 8148.73
Previous Daily High 10309.19
Previous Daily Low 10062.61
Previous Weekly High 10381.06
Previous Weekly Low 9606.36
Previous Monthly High 12325.08
Previous Monthly Low 9321.06
Daily Fibonacci 38.2% 10156.8
Daily Fibonacci 61.8% 10214.99
Daily Pivot Point S1 10051.95
Daily Pivot Point S2 9933.99
Daily Pivot Point S3 9805.37
Daily Pivot Point R1 10298.53
Daily Pivot Point R2 10427.14
Daily Pivot Point R3 10545.1


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD gearing up for another attempt to crack $10,000 as active addresses keep growing

Bitcoin is holding surprisingly well after the flash crash on June 2. Bulls keep defending the daily 12-EMA while Bitcoin slowly climbs higher. BTC/USD is trading at $9,660 at the time of writing, looking at the $9,887 resistance level.

More Bitcoin News

XRP/USD clutches above $0.20, is holdling an effective XRP strategy?

Ripple is currently in consolidation above $0.20. Therefore, there is not much that can be said in regard to this week’s price performance, except for the move that tested $0.2150 on Monday.

More Ripple News

ETH/USD may return to $220.00 before another strong rally

Ethereum tested $247.93 during early Asian hours and retreated to $247.70 by the time of writing.  The second-largest digital asset has gained about 1% of its value since the start of the day and stayed unchanged since the beginning of the day.

More Ethereum News

IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades.

More IOTA News


Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast