{"id":259893,"date":"2020-05-09T23:12:28","date_gmt":"2020-05-10T03:12:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=259893"},"modified":"2021-09-16T04:53:36","modified_gmt":"2021-09-16T08:53:36","slug":"bitcoin-price-prediction-btc-usd-plunges-faces-rejection-from-psychological-level-of-10000","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-usd-plunges-faces-rejection-from-psychological-level-of-10000","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Plunges, Faces Rejection from Psychological Level of $10,000"},"content":{"rendered":"\r\n<p><strong>Bitcoin (BTC) Price Prediction \u2013 May 10, 2020<\/strong><br \/><a href=\"https:\/\/insidebitcoins.com\/cryptocurrency-prices\/bitcoin\">BTC\/USD<\/a> pair has been struggling to break the $10,000 resistance for the past four days. There are two assumptions about Bitcoin&#8217;s recent uptrend. Firstly, Bitcoin will rally above $10,000, if it retraces above the breakout level of $9,400. Secondly, the downtrend will resume if it retraces below $9,400.<br \/><br \/><strong>Key Levels:<\/strong><br \/>Resistance Levels: $10,000, $11, 000, $12,000<br \/>Support Levels: $7,000, $6,000, $5,000<\/p>\r\n<figure id=\"attachment_259955\" aria-describedby=\"caption-attachment-259955\" style=\"width: 968px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5.png\"><img decoding=\"async\" class=\"wp-image-259955 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5.png\" alt=\"\" width=\"968\" height=\"612\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5.png 968w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5-300x190.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5-768x486.png 768w\" sizes=\"(max-width: 968px) 100vw, 968px\" \/><\/a><figcaption id=\"caption-attachment-259955\" class=\"wp-caption-text\">BTC\/USD &#8211; Daily Chart<\/figcaption><\/figure>\r\n<p>Nonetheless, Bitcoin has fallen below the breakout level of $9,400. The king coin has dropped to a low of $8,101 but it pulled above $8,500. The bears succeeded in breaking below the $9400 and $9,200 support levels. These support levels ought to have been held for price to rally above the $10,000 resistance. Unfortunately, the bulls have failed to breach the $10,000 psychological level. <br \/><br \/>This breakdown is a bearish signal that is responsible for the recent downtrend. Bitcoin has fallen overwhelmingly to the low above $8,000. Nonetheless, the bulls are making a downward correction as the market reaches above $8,500. BTC is trading at $8,661 at the time of writing. Meanwhile, the coin has fallen from level 80 to level 55 of the Relative Strength Index period 14. This implies that Bitcoin is in the uptrend zone.<br \/><br \/><strong>BTC\/USD Medium-term Trend: Bullish (4-Hour Chart)<\/strong><\/p>\r\n<figure id=\"attachment_259956\" aria-describedby=\"caption-attachment-259956\" style=\"width: 968px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin4-Hour-5.png\"><img decoding=\"async\" class=\"wp-image-259956 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin4-Hour-5.png\" alt=\"\" width=\"968\" height=\"612\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin4-Hour-5.png 968w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin4-Hour-5-300x190.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin4-Hour-5-768x486.png 768w\" sizes=\"(max-width: 968px) 100vw, 968px\" \/><\/a><figcaption id=\"caption-attachment-259956\" class=\"wp-caption-text\">BTC\/USD &#8211; 4 Hour Chart<\/figcaption><\/figure>\r\n<p>On the 4 hour chart, the bulls tested the $10,000 resistance twice while attempting to break the resistance. A bearish double top has been formed as bulls fail to breach the resistance level. This price pattern was responsible for the recent downtrend. The price broke the trend line and closed below it, indicating that the downward move will continue. The market is below 40 % range of the daily stochastic. This indicates that the king coin is in a bearish momentum.<br \/><br \/><\/p>\r\n<p style=\"margin: 0in;margin-bottom: .0001pt\"><strong><span style=\"color: #1c1e29\">\u00a0<\/span>Please note:<\/strong> <a href=\"https:\/\/insidebitcoins.com\"><i>Insidebitcoins.com<\/i><\/a><em> is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.<\/em><\/p>\r\n<p style=\"margin: 0in;margin-bottom: .0001pt\"><span style=\"color: #1c1e29\">\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Bitcoin (BTC) Price Prediction \u2013 May 10, 2020BTC\/USD pair has been struggling to break the $10,000 resistance for the past four days. There are two <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-usd-plunges-faces-rejection-from-psychological-level-of-10000\" title=\"Bitcoin Price Prediction: BTC\/USD Plunges, Faces Rejection from Psychological Level of $10,000\">[&#8230;]<\/a><\/div>","protected":false},"author":1742,"featured_media":259955,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,5319,7812,8009],"class_list":["post-259893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitcoin","tag-btc","tag-btc-usd","tag-price-prediction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Prediction: BTC\/USD Plunges, Faces Rejection from Psychological Level of $10,000 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has fallen below the breakout level of $9,400. The king coin has dropped to a low of $8,101 but it pulled above $8,500.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Prediction: BTC\/USD Plunges, Faces Rejection from Psychological Level of $10,000 - InsideBitcoins.com\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) has fallen below the breakout level of $9,400. The king coin has dropped to a low of $8,101 but it pulled above $8,500.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-10T03:12:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-16T08:53:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5.png\" \/>\n\t<meta property=\"og:image:width\" content=\"968\" \/>\n\t<meta property=\"og:image:height\" content=\"612\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Azeez Mustapha\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ItuGlobal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Azeez Mustapha\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893\"},\"author\":{\"name\":\"Azeez Mustapha\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/0e3e45af228d02da2a4f4ff4b82454b8\"},\"headline\":\"Bitcoin Price Prediction: BTC\/USD Plunges, Faces Rejection from Psychological Level of $10,000\",\"datePublished\":\"2020-05-10T03:12:28+00:00\",\"dateModified\":\"2021-09-16T08:53:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893\"},\"wordCount\":335,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5.png\",\"keywords\":[\"Bitcoin\",\"btc\",\"BTC\/USD\",\"Price Prediction\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893\",\"name\":\"Bitcoin Price Prediction: BTC\/USD Plunges, Faces Rejection from Psychological Level of $10,000 - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/259893#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/05\/BTC-Insidebitcoin-5.png\",\"datePublished\":\"2020-05-10T03:12:28+00:00\",\"dateModified\":\"2021-09-16T08:53:36+00:00\",\"description\":\"Bitcoin (BTC) has fallen below the breakout level of $9,400. 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