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Bitcoin Price Prediction: BTC/USD Consolidates Above $10,700 as Bulls Face an Uphill Task

Bitcoin (BTC) Price Prediction – September 30, 2020
BTC/USD has retraced and fallen to the previous price range. The coin is likely to be range-bound in the current price range for a few more days. BTC is trading between $10,660 and $10,880.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Today, BTC is trading in a confined range as the market resumes consolidation above $10,700.The current retracement has found support above $10,680. The crypto has fallen to the previous price range of between $10,660 and $10,880. The bulls have failed in the previous uptrend as price momentum dries up after hitting the $10,880 resistance. Nonetheless, it is noted that the $10,880 resistance is the major obstacle to the current uptrend. BTC has to overcome it before resuming upside momentum.

On the upside, to achieve a compelling breakout, the resistance must be broken while the bullish momentum. is sustained. Assuming, the bulls break the current resistance, and the momentum sustained, a rally above $11,000 is possible. Above the $11,000 support, BTC will have an accelerated price movement. It is assumed that the resistances from $11,100 to $11,300 will be cleared. A retest at the $12,000 and $12,400 becomes possible if the bulls are successful. Conversely, the bears may take advantage and break the current support at $10,660 if the current uptrend fails. This will cause a further decline to $10,500 support. However, if the bears are successful the bullish scenario will be invalidated.

French Police Detains Terror Financing Ring That Uses Bitcoin Coupons
The 29 members of a network allegedly financing a jihadist network in Syria have been arrested and detained. They were arrested while buying crypto currency coupons in licensed tobacco shops across France. The jihadist network was busted after being caught purchasing crypto currency coupons in tobacco outlets across France. These coupons are worth between 10 and 150 euros each ($12–$176). The jihadist network allegedly uses the coupon to credit their Syrian accomplices’ Bitcoin (BTC) accounts. The terrorists use these services, as they don’t require proof-of-identity.

BTC/USD – Daily Chart

Meanwhile, the BTC price is stuck in the current price range. The price is consolidating and characterized by small body candlesticks called Doji or spinning tops. These candlesticks describe the indecision between buyers and sellers about the direction of the market. However, if price breaks the $10,660 support, the BTC price will fall. And if it falls below $10,000 or $9,800, the Fibonacci tool analysis will hold. That is the market will fall to the 1.272 Fibonacci extension or $9,268.10 low.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.