TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin price analysis: BTC/USD retreats from recent high, vulnerable to further correction

  • BTC/USD bulls are discouraged by the second failed attempt at $11,000.
  • The sell-off may continue towards $10,000.
Bitcoin price analysis: BTC/USD retreats from recent high, vulnerable to further correction
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) has been treating from the recent highs amid technical correction. The price has moved away from overbought territory and settled at $10,600 by the time of writing. The first digital coin with the current market capitalization of $189.6 billion is changing hands at $10,650, mostly unchanged in recent 24 hours and down nearly 2% since the beginning of the Asian trading on Monday.
 
'Bitcoin's price has recovered over 190% of its value year to date, with most of the gain coming in the past three months.

Bitcoin's technical picture

Looking technically, Bitcoin (BTC) has been sliding down after the second attempt to break above $11,000. Obviously, the bulls are not ready to take out this handle as of yet. However, once it is out of the way, the recovery may be extended towards $11,500 and $11,764 (February 2018 recovery high). 

Considering the downward-looking RSI (The Relative Strength Index) both on a weekly and daily timeframes, the further correction may gain traction with the nearest support spotted on approach to $10,340. This barrier is created by the upper line of the 1-day Bollinger Band at $10,340. Once it is broken, the sell-off may gain traction and take the price towards  critical$10,000.

BTC/USD, 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.