Market Overview

BTC/USD Inches Closer To $10,500 Amid Growing Selling Pressure

BTC/USD Inches Closer To $10,500 Amid Growing Selling Pressure
  • Bitcoin is losing ground from $11,000 psychological level.
  • BTC/USD is likely to sustain above $10,500 support area
  • Bitcoin’s short-term technical picture remains positive in spite of the correction from yesterday’s high.

Bitcoin has recently recovered from a downtrend it succumbed to in the last week of August. The possible support at $10,000 failed to hold which further demoralized the buyers. Fortunately, the bulls found balance slightly above $9,300 - which gave way for a reversal action.

The bullish price action sent Bitcoin towards $11,000 but BTC bearish move on Wednesday is keeping the bulls on high alert.

From an opening price of $10,345 on Tuesday, BTC/USD sustained an uptrend to highs around $10,776. The trading closed on Tuesday high above its opening price which shows that the market was trending higher before hitting resistance around $10,800.
Trading on Wednesday has been mostly bearish with Bitcoin sliding towards $10,500. Looking at the Moving Average Convergence Divergence (MACD), bitcoin is likely to sustain the support of $10,500. In other words, this range will continue to function as support as consolidation sets in.

As long as the 50 Simple Moving Average (SMA) 4-hour stays above the 100 SMA 4-hour, Bitcoin is expected to remain bullish in the short-term. 

BTC/USD 4-hour chart

Bitcoin technical analysis September 4 2019

Image Sourced from Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General


Related Articles

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Google Fined $170M By FTC Over Accusations Of Child Privacy Violations By YouTube

GBP/USD: Sterling Depends On Parliament's Sequencing