This past week, we saw a sharp decline in BTC below the $10,000 support against the US Dollar. The price traded towards the $9,500 support and recently started an upside correction. It traded above the $10,000 resistance level to move into a short term positive zone. Moreover, there was a break above the $10,200 resistance and the 100 hourly simple moving average.
However, the price is facing a few important hurdles near the $10,500 and $10,600 resistance levels. Already, there were a few attempts to surpass the $10,500 and $10,600 resistances, but the bulls failed.
On the downside, there is a decent support forming near the $10,250 and $10,200 levels. Additionally, there is a connecting bullish trend line forming with support near $10,250 on the hourly chart of the BTC/USD pair. Bitcoin price might also find strong bids near the $10,225 level and the 100 hourly SMA. If the bulls fail to defend the $10,200 support, the price could decline back to $10,000.
On the upside, the price is clearly facing a strong resistance near the $10,500 and $10,600 levels. Therefore, a convincing break above the $10,600 level is needed for the bulls to gain traction. In the mentioned case, the price could accelerate higher towards the $10,800 and $11,000 resistance levels.