Bitcoin Topside Bias Vulnerable If it Closes Below One Crucial Level

There was a break above a key bearish trend line with resistance near $10,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). Bitcoin Price Holding Key Support After trading close to the $11,200 level, bitcoin price started a downside correction against the US Dollar.

The next key resistance is near the $11,020 level or the 61.8% Fib retracement level of the recent decline from the $11,180 high to $10,767 low. The next major support where the bulls might appear is near the $10,550 level.

Timeline of Bitcoin