RATE Group | Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
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Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K

22 May Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K

Posted at 12:23h in Bitcoin News by

Since May 20 Bitcoin (BTC) price has dropped nearly 10%, shifting traders’ focus from taking out the $10K resistance to now holding above the all-important $8,800 support. 

The short-term bearish trend took hold after the top-ranked crypto-asset on CoinMarketCap experienced repeated rejections near the $10K mark, which took the form of higher lows at $9,942, $9,905 and $9,849. 

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Failure to set a higher high above these levels and the steady loss of momentum eventually caused the price to drop below the bullish pennant and the last two days have seen the bearish move intensify. 

For the time being, Bitcoin price continues to find support at the ascending channel trendline but the strength of each bounce from this support is beginning to thin and a number of traders are now calling for a revisit to $7,400-$6,500 if the $8,800-$8,575 support gives out. 

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

As shown in the daily time frame the price…

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