Bitcoin Technical Analysis: BTC/USD suffers another significant rejection from $10,000 but could still comeback
- BTC/USD tried to crack $10,000 again but failed.
- Bitcoin is now trading at $9,800 after another rejection although it managed to break above $10,000 on a few exchanges.
Bitcoin is trying to climb above $10,000 for the second time during June. Bulls are having a tough time trying to break above this crucial level. This rejection could scare buyers away as the Bitcoin market has been quite flat except for a few false breakouts (fakeouts). These fakeouts are terrible for bulls and create panic among investors.
BTC/USD 1-hour chart
A long wick can be seen on the hourly chart. Bitcoin was able to briefly break above $10K peaking at $10,007 before crashing down to $9,700. The rejection is not that big and Bitcoin could still try to break above $10,000 in the next few hours.
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Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
