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Bitcoin price update: BTC/USD struggling with descending trendline resistance for 3 straight months

  • Bitcoin's revisit to $9,600 was key to creating fresh demand.
  • The pre-weekend recovery loses steam at $10,300 but there’s still is room for growth.

Bitcoin price is back above $10,000 after a brief visit to $9,600 on Thursday. The failed attempt to sustain gains above $10,400 last week had demoralized the bulls. For a few days, Bitcoin buyers had just enough energy to defend $10,000 while hoping for a breakthrough to the upside. However, the slide was necessary to create fresh demand for the largest cryptocurrency market.

Despite the recovery, the price action remains relatively bearish on Friday. Bitcoin is trading at $10,153 after correcting from a daily high of $10,309, besides a low has been formed at $10,147. The bulls are fighting to correct the 1.13% loss on the day banking on the gradually improving technical picture.

The relative strength index (RSI) is holding position above the 50. The recovery from levels below 30 (oversold) hit a barrier at 60. A likely sideways move, similar to the one that took place last week would signal Bitcoin’s ranging trend in the coming weekend session.

The moving average convergence divergence (MACD) suggests that buyers are still strongly in control. Traders should be alert for a cross above the zero line which is likely to signal for more buying positions.

Limiting movement on the upside is the 50 simple moving average (SMA) on the four-hour chart and currently at $10,240. Moreover, the 100 SMA will hinder movement at $10,329. A break above the descending trendline resistance is likely to pave the way for gains above $10,500.

BTC/USD 240-mins chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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