- Bitcoin price struggled to break the $5,190-5,200 resistance area and declined against the US Dollar.
- The price revisited the $4,940 support area and recently rebounded above $5,000.
- There is a crucial bearish trend line forming with resistance at $5,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle in the short term, but bulls remain in control above $4,900.
Bitcoin price is showing a few signs of weakness against the US Dollar. However, BTC bulls are likely to protect dips near the $4,940 and $4,900 support levels in the near term.
Bitcoin Price Analysis
Yesterday, we saw a steady rise from the $4,940 support in bitcoin price against the US Dollar. The BTC/USD pair climbed above the $5,100 and $5,160 resistance levels. There was also a break above the $5,180 level, but the price struggled near the $5,190 resistance area (the previous support). Besides, it failed to surpass the 50% Fib retracement level of the last slide from the $5,465…
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