|

Bitcoin rollercoaster ride shoves it under $10,000: Reversal is likely

  • Bitcoin price swings cause confusion on the market.
  • BTC/USD could close the day in gains as technical levels turn positive post declines.

Bitcoin has embarked on a gain-trimming exercise. The highly volatile market is making it hard for Bitcoin bulls to sustain the price above key support. In fact, they are stuck in a trend where they are making one step forward and two backward.

As discussed earlier today, Bitcoin reversed the trend stepping above $10,000. The prediction that Bitcoin could extend the movement to $11,000 failed to occur. Instead, the sellers’ filed day continued with Bitcoin plunging right back under $10,000.

Moreover, this time BTC/USD did not stop at $9,700 support but explored the lows around $9,650. The flash drop did not stay down for long as the market has begun moving up again as I write this article. Bitcoin is seen trading above $10,184 again, although the upside is limited at the 100 Simple Moving Average (SMA) 1-h.

Key indicators are bullish at press time. This means that upward correction is imminent. As the Moving Average Convergence Divergence (MACD) crosses above the mean line, we could see a break above $10,200.

BTC/USD 1-h 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

More from John Isige
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.