Bitcoin Price Forecast: Trendline Under Fire As BTC Breaks $10,000

Bitcoin pierced $10,000 for the first time in two weeks as bullish bets unwind and a key fundamental tailwind weakens. As previously mentioned, Bitcoin has enjoyed a boost from weakened emerging market currencies like USDCNH and the Argentine Peso. Now that the US-China trade war has leveled off, and EM FX has regained its footing, technical levels look to be the sole factor keeping Bitcoin prices afloat.

To that end, a key technical level is under fire Thursday as bears look to pressure the digital asset beneath its rising trend from May. The line has helped to buoy BTC throughout July and August. Falling under considerable pressure, BTC bulls looked to a subsequent zone of support at the 38.2% Fibonacci retracement around $9,545 for assistance. Together, the two levels have stalled further declines at present, but continued tests may spur a break beneath which would likely open the door for a more concerted move lower. Read more....

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