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.

Lorenzo Stroe Independent Analyst

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.

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.

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