Bitcoin Price Analysis: Bearish bias still intact while below 200-HMA

Bitcoin (BTC/USD), the most favorite cryptocurrency, witnessed a volatile Saturday and slipped below the 10k mark for the first time in four days. The spot saw some aggressive selling after the bulls failed to defend the key support around 10,080 (as well predicted here), exposing the 9,700 level. On Sunday, the BTC buyers seem to have returned, as they strive to extend the recovery mode beyond the 10k level. At the time of writing, Bitcoin battles 10k, gaining 1% on the day while down nearly 2.75% over the last 24 hours. Its market capitalization now stands at $182.06 billion, down from $186.27 billion seen before the late-Saturday slump.

Technical Overview

BTC/USD hourly chart

 

From a technical perspective, the corrective slide in the No. 1 coin accelerated only after the 21-hourly Simple Moving Average (SMA), now at 10,035, pierced both 50 and 100-HMAs from above. The spot saw a fresh leg lower and subsequently reached a new four-day low at 9,755.78 after the bulls caved into the 200-HMA support near 10,080. At the same time, the hourly Relative Strength Index (RSI) extended its south-run and entered the oversold territory.

As for Sunday’s trading so far, the bearish 21-HMA continues to cap the recovery attempts while the hourly RSI remains below the mid-line. Only a sustained break above the latter would offer some fresh signs of life to the BTC bulls. But the key horizontal 200-HMA support-turned-resistance, now at 10,090 needs to be taken out for a move back towards the 10,200 level. In the near-term, the bearish bias still remains intact as long as the price trades below the 200-HMA and therefore, a re-test of the 9,700 mark (key horizontal trendline support) cannot be ruled out.

BTC/USD key levels to watch