RATE Group | Bitcoin Dump Stalls At 100-day SMA: Here’s Why BTC Could Rally Again
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Bitcoin Dump Stalls At 100-day SMA: Here’s Why BTC Could Rally Again

10 May Bitcoin Dump Stalls At 100-day SMA: Here’s Why BTC Could Rally Again

Posted at 05:50h in Bitcoin News by

Bitcoin is down more than 10% from the $10,090 high against the US Dollar. BTC found support near the 100-day simple moving average and it could start a fresh increase.

  • Bitcoin climbed to a new monthly high at $10,097 before starting a downside correction.
  • The recent pre-halving dump found support near the 100-day simple moving average.
  • There is a major bullish trend line forming with support near $8,000 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • Ethereum and ripple are also down more than 10% and both declined below key supports.

Bitcoin Dives Before Halving

This past week, bitcoin price extended its rally above the $9,200 resistance against the US Dollar. BTC price even broke the $9,500 resistance and settled well above the 100-day simple moving average.

It traded above the $10,000 level and formed a new monthly high at $10,097. It started a strong decline from the $10,097 high and broke many supports near the $9,500 and $9,200 levels.

Bitcoin even declined below the…

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