Bitcoin price retested the $10,750 support and recently corrected higher against the US Dollar. BTC must stay above $10,750 to start a fresh increase in the near term.
- Bitcoin is struggling to gains momentum above the $11,000 and $11,000 resistance levels.
- The price is currently trading well above the $10,750 support and testing the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $10,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could nosedive if the bulls fail to protect the $10,750 support zone in the near term.
Bitcoin Price Holding Key Support
After trading close to the $11,200 level, bitcoin price started a downside correction against the US Dollar. BTC corrected below the $11,000 level and the 100 hourly simple moving average.
However, the bulls were able to protect the main $10,750 support zone. A low is formed near the $10,767 level and the price is currently rising. It broke the $10,850 and $10,880 levels to move back into a short-term positive zone.
There was also a break above a key bearish trend line with resistance near $10,880 on the hourly chart of the BTC/USD pair. Bitcoin tested the 50% Fib retracement level of the recent decline from the $11,180 high to $10,767 low.
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