Bitcoin price made another attempt to climb above the $10,460 and $10,480 resistance levels, but it failed. BTC/USD is currently consolidating and it could correct lower towards $10,180.

Key Findings:

• Bitcoin traded to a new yearly high at $10,478, but it failed to surpass the $10,500 resistance.
• BTC/USD is currently trading above a bullish trend line with support near $10,355 on the 1-hour chart.
• The price could correct lower in the short term towards $10,250 or $10,180.

Bitcoin Price Analysis

After a successful close above $10,250, the bitcoin price made another attempt to climb higher above the $10,460 and $10,480 resistance levels against the US Dollar. However, the price failed to gain momentum and topped near the $10,478 level.

Looking at the 1-hour chart, the price is currently correcting lower towards the $10,350 level and the 25 simple moving average (1-hours, orange).

The market data is provided by TradingView, Bitfinex.

Moreover, there is approaching a bullish trend line with support near $10,355 on the 1-hour chart. Below the trend line, the first support is seen near the $10,300 level. 

Besides, the 23.6% Fib retracement level of the recent rise from the $9,720 low to $10,478 high is also near the $10,300 level. If the price fails to stay above the $10,300 level, it could continue to move down towards the main $10,180 support area.

Any further declines could push the bitcoin price towards the $10,100 and $10,095 levels. The 50% Fib retracement level of the recent rise from the $9,720 low to $10,478 high is at $10,096 to provide support.

On the upside, the $10,460 and $10,480 levels are important hurdles. If there is a clear break above the $10,480 area, there are chances of a steady rise towards $10,600 and $10,700.

The next major resistance is seen near the $10,840 level, above which the bulls could aim the $11,000 area. Overall, bitcoin is struggling to continue higher and it may perhaps correct lower in the near term towards $10,180 before extending its rally.