Bitcoin Price Prediction: BTC/USD Tumbles as the Price Plummets Below $10,500 ByAzeez MustaphaPRO INVESTOR Updated: 01 October 2020 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin (BTC) Price Prediction – October 1 Bitcoin price extends the bearish leg to areas marginally below $10,500 after numerous trials to sustain gains above $10,800. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $11,300, $11,500, $11,700 Support Levels: $10,100, $9,900, $9,700 BTCUSD – Daily Chart BTC/USD is seen falling towards $10,300 once again as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $10,800 following a significant breakout in the last few days. However, the bearish control is widespread across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages. What is the Next Direction for Bitcoin? At the time of writing, BTC/USD is recovering above $10,500 from the daily low of $10,427. If the bulls increase their entries, they might create more volume, in turn, pushing the market price above the next key levels at $11,300 and $11,500. It is now clear that $11,700 is the most critical level in Bitcoin’s recovery journey. Meanwhile, the recent break made a daily close above this level but intense selling pressure saw all the effort made by the buyers go into the drain with BTC spiraling towards $10,000. According to the technical indicator RSI (14), BTC/USD is still in an area with intense support. This explains the immediate reversal above $10,400. On the other hand, a breakdown under the pattern’s support is likely to encourage more selling entries which may likely pull the BTC/USD massively below $10,000. However, losses below the moving averages could signal more retracement to levels closer to $10,100, $9,900, and $9,700 supports. BTC/USD Medium-Term Trend: Ranging (4H Chart) On the 4-Hour chart, the immediate support is below the moving averages at the $10,625 level. The price may likely fall below $10,500 if the bears fully stepped back into the market. BTCUSD – 4 Hour Chart However, a further bearish movement could test the critical support at the $10,400 level and below while the resistance is located above the moving averages at the $10,800 and above. Technically, Bitcoin is currently moving sideways while the RSI (14) moves around 42-level. Join Our Telegram channel to stay up to date on breaking news coverage