Bitcoin Price Hovers Above $10.1K As Momentum Stalls Near Key Indicator

Views Bitcoin's interaction with the 100-period moving average on the daily and weekly charts have provided strong regions of support in the past and may do so again.

Should the bulls lose the on-going stalemate in buying and selling pressure, bitcoin risks falling to weekly supports located near $7,560 in the coming weeks.

Bitcoin's price action continues to stall as the fight between buyers and sellers falls quiet near key average line.

Previously, BTC's interactions with the 100-period MA has reacted bullishly during an upward trending market, providing a strong region for a price bounce.

While BTC remains officially bullish above the 100-period MA, a firm close below that price level could revitalize bear market aspirations.

Should buyers lose the on-going struggle for dominance in the coming month, then that would expose weekly supports located near a region with historical significance and a confluence of the 100-weekly MA. Weekly chart.

The weekly chart demonstrates how the 100-period MA reacts with BTC's price by acting as a region of support during a strong uptrend.

On Jan. 11, 2016, BTC's price fell by 20 percent, pulling back to the 100-period MA before it took 28 days to recover and break to new highs.

As stated, a loss by the bulls could expose the confluence of supports near June 10 lows and the 100-period MA at around $7,560.

A daily push and firm UTC close above $10,350 would question the bears to reconsider the short-term play and add credence to the theory of the 100-period MA acting as strong support during a bullish uptrend.