The battle for one of the most important psychological price level in the Bitcoin market has just begun.
Much has changed in the Bitcoin market since our last analysis, and the Bears are testing the resilience of very important support at $ 10K. With the arrival of September, it first looked like the beginning of another Bull Run when we beat $ 12K on the first day of the month, but a few hours later everything changed and a rapid decline followed.
Bitcoin has been rejected 4 times in the area $ 12K in one month, so the area has earned the name Strong Resistance. Bitcoin will therefore need a lot of strength to overcome this area.
In the market, however, it is more serious than it seems, because we have seen a drop of more than $ 2,000 and it is currently necessary to defend $ 10K to maintain any optimism and hope for further growth. If this fails, Bitcoin may drop the price even lower.
Technical analysis:
- Important Support at $ 10K
- Strong Resistance at $ 12K – 4X rejection from this area in one month
- CME Gap at $ 9600
- RSI 1D at level 35 (almost oversold)
Read also: Within a day, the mood of BTC traders changed from “Extreme Greed” to “Fear”
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