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BTCUSD price analysis: Bitcoin’s failed attempt at a breakout

BTCUSD attempted a jump towards $9,900, a few hours back. However, the Bears stepped right in and brought Bitcoin down. Sever
BTCUSD attempted a jump towards $9,900, a few hours back. However, the Bears stepped right in and brought Bitcoin down. Several technical indicators, however, are giving a Bullish signal on BTCUSD.

Bitcoin made a massive jump to $10,429 on June 1. It came after a long spell of consolidation. However, BTCUSD could not maintain that level long enough. The gains got wiped out within minutes.

Since the decline, BTCUSD went into another phase of consolidation. The traded volumes remained low. However, it attempted another breakout earlier today. But the Bears dominated and brought it down.

BTCUSD loses steam yet again

The region from $10,000- $10,500 is a harsh resistance zone for Bitcoin. It retested that level and fell back several times. Now the resistance seems to have started from $9,900, which is not a good sign.

Source: TradingView.com

The hourly timeframe for BTCUSD shows that it attempted a breakout earlier. It made a high of $9,844 and dropped down quickly. It goes to show that the Bears are dominating the market. Whenever Bitcoin attempts a jump, the Bears pull it down.

In our previous analysis, we showed that BTCUSD could make a move pretty soon, which it did. But since the Bears are dominating now, Bitcoin will likely consolidate a bit more.

Technical indicators glimmer ray of hope for BTCUSD

Bitcoin is above the 50-period Simple Moving Average. It signifies Bullish nature in the short term.

It is well above the 100 SMA and the 200 SMA. These suggest a Bullish view in the medium and the long run. The 20-period Exponential Moving Average is also acting as a support level.

BTCUSD 4 Hour Chart.

The four-hour timeframe shows that BTCUSD is currently above the Fibonacci 97.3% retracement level. It will act as another reliable support level. After a long time, these many technical indicators are showing a positive sign for Bitcoin.

The only thing that is stopping from BTCUSD from going past $10,000 is the fear and caution playing out among the investors. Once investors feel the BTCUSD market starts a solid bullish momentum, they will jump right in.

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