RATE Group | Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias
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Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias

24 Aug Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias

Posted at 04:55h in Bitcoin News by

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  • Bitcoin price is showing positive signs and settled above $10,000 against the US Dollar.
  • The price is now trading near the key $10,400 resistance area, which is preventing gains.
  • Yesterday’s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely setting up for the next key break either above $10,500 or below $10,250.

Bitcoin price is trading with a positive bias above $10,200 against the US Dollar. However, BTC must surge above $10,400 and $10,500 to move into an uptrend.

Bitcoin Price Analysis

In the past few sessions, there was a steady recovery in BTC above $10,000 against the US Dollar. The price even traded above the $10,200 and $10,250 resistance levels. Moreover, there was a close above the $10,200 level and the 100 hourly simple moving average. As a result, there was a decent recovery in many altcoins as well, including Ethereum, ripple, ETC, bitcoin cash and

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