RATE Group | Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery
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Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery

16 Jul Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery

Posted at 06:39h in Bitcoin News by

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  • Bitcoin price started a decent upside correction after trading as low as $9,784 against the US Dollar.
  • The price traded above the $10,500 and $10,800 resistance levels to start the recent recovery.
  • Yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is now facing a strong resistance near the $11,000 and $11,100 resistance levels.

Bitcoin price started a strong recovery above $10,500 against the US Dollar. However, BTC is still struggling to settle above $11,000 and it could resume its decline in the near term.

Bitcoin Price Analysis

Recently, we saw a significant decline in bitcoin price below the $11,000 support against the US Dollar. The BTC/USD pair also spiked below the $10,000 support and settled below the 100 hourly simple moving average. A new monthly low was formed near $9,784 and the price recently started an upside correction. There was a strong upward move above…

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