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

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