Bitcoin price failed to hold gains and started a fresh decline from the $10,800 resistance level

Bitcoin price failed to clear the $ 10,800 resistance and started a fresh decline against the US Dollar. The price broke the $ 10,650 support and settled below the 100 hourly simple moving average. At press time, Bitcoin is trading around at $ 10,600, down nearly 2% in the past 24 hours.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin price resumes the decline

Bitcoin price failed to clear the key $ 10,800 resistance and started a fresh decline against the US Dollar. BTC traded as high as $ 10,803 before the bulls lost control.

As a result, there was a bearish reaction below the $ 10,750 and $ 10,700. The decline gained pace after this week’s important ascending channel was breached with support near $ 10,700 on the BTC/USD pair’s hourly chart.

Bitcoin traded below the 50% Fib retracement level of the upward move from the $ 10,387 swing low to $ 10,803 swing high. The price is now trading well below the $ 10,650 support and the 100 hourly simple moving average.

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Bitcoin price dives below $10,650 | Source: TradingView.com

It is currently holding the $ 10,550 support, but it remains at a risk of more losses. The $ 10,550 support is close to the 61.8% Fib retracement level of the upward move from the $ 10,387 swing low to $ 10,803 swing high.

If there is a downside break below the $ 10,550 support level, the bears are likely to aim to test the $ 10,387 swing low. Any further losses might lead the price towards the $ 10,250 support or even $ 10,000 in the near term.

If Bitcoin starts an upside correction, it could face resistance near the $ 10,650 level and the 100 hourly simple moving average.

A proper close above the $ 10,650 and $ 10,680 levels might start afresh increase. The next major resistance is near the $ 10,800 level, above which the bulls might aim a break above $ 10,950.

You can see the Bitcoin price here.

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