Bitcoin Price Bulls Pin Hopes on Descending Channel Breakout to $10K

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Bitcoin price showed a bit of strength by briefly pushing to $9,235 as the daily close occurred but at the time of writing the top-ranked digital asset on CoinMarketCap is trading below the $9,200 resistance.

As discussed in the previous analysis by Cointelegraph Markets, the price remains pinned below the 20-MA and the descending trendline from the June 1 high at $10,380.

Until Bitcoin can secure a daily close above the $10,400-$10,500 level the price remains at risk of a breakdown to the $8,800 support.

The 1-hour chart shows today's rejection occurred slightly above the $9,200 resistance and descending trendline where the price formed a tweezer top before pulling back to $9,165.

On the daily timeframe, the RSI remains below 50 but on the MACD the histogram has flipped from red to pink as the bars begin to shorten and the Bitcoin price is forming higher lows, signaling that selling has begun to decrease.

Currently, Bitcoin is below the descending channel trendline and 20-MA but if bulls can manage a high volume spike the price could surge above the high volume VPVR node at $9,600 and in the process flip the $9,200-$9,500 area to support.

Risk-averse traders might consider waiting for a 4-hour or daily close above $9,400 before deciding to open a long or short position.

Buying a breakout above the high volume VPVR node at $9,600 could be risky as the price has continuously rejected at $9,800 and $10,000.

Bears will likely look to open short positions from $9,400 through $9,600 as the price has seen in this zone.

As the Bitcoin price traded sideways, altcoins moved slightly higher.