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Bitcoin Price Rejected at 10000 Bears Testing the $9600 Support

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Nikolas Papas Forex Analyst
    Summary:
  • Bitcoin price gives up all of yesterday’s gains after the number one cryptocurrency failed for the second consecutive day to hold above the $10000 mark

Bitcoin price gives up all of yesterday’s gains after the number one cryptocurrency failed for the second consecutive day to hold above the $10000 mark. In early Asian session BTCUSD breached below the $10000 mark and more sellers jumped in pushing the price back to $9600.

Bitcoin managed to break above the 10000 mark on Sunday after three-day consolidation around the 9600 zone. BTCUSD made the intraday high at $10027 and as of writing the bitcoin price is correcting lower giving up 2.07% at $9759.

Ethereum is also under selling pressure giving up 2.55% at 267.78, while Litecoin underperforms for one more day and is 4.79% lower at 75.98.

Read our Best Trading Ideas for 2020.

Bitcoin Price Support and Resistance Levels

Bitcoin momentum is neutral now after today’s failure at the 10000 mark. Bears looking for a break below the 9550 mark that might initiate another leg lower.

On the downside, the first support for bitcoin will be met at $9586 the daily low. If BTCUSD price breaks below, the next support stands at $9406 the low from February 20th. In case of a move lower the next crucial support level is at $9173 where the 50-day moving average crosses.

On the flip side, the initial obstacle for BTCUSD stands at $10027 the daily high. Above that level, more selling pressure will be met at $10297 the high from February 19th. The five-month top at 10500 is the next supply zone.

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