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Bitcoin price is still following a bearish pattern and it is likely to accelerate lower below $10,000

Bitcoin price was trading at a new monthly low at $ 9,853 before correcting higher. BTC is still following a bearish pattern, and it is likely to accelerate to below $ 10,000.

Bitcoin price is trading in the bearish zone below the $ 10,800 and $ 10,500 support

Over the past few days, bitcoin’s price has plummeted below the $ 10,800 support against the US Dollar. BTC even settled below $ 10,500 support and 100 hourly simple moving average.

New monthly lows formed near $ 9,853, and prices are currently consolidating losses. There was a short-term bullish correction above the $ 10,000 and $ 10,050 level. Bitcoin rebounded above the 50% Fib retracement level of the recent decline from a high of $ 10,640 to as low as $ 9,850.

bitcoin-price-is-still-following-a-bearish-pattern

Bitcoin price trades below $10,300 | Source: TradingView

However, the price is facing hurdles near the $ 10,400 level. There is also a significant downside channel forming resistance near $ 10,300 on the hourly chart of the BTC / USD pair.

The resistance of the channel is close to the 61.8% Fib retracement level of the recent decline from the $ 10,640 high to the $ 9,850 low. A clear break above the resistance of the channel can take the price above $ 10,350.

Conversely, the price can contincue to drop below $ 10,100 and $ 10,050. Major support is close to $ 10,000. A daily close below the $ 10,000 support could initiate a sharp drop to $ 9,800 and $ 9,600 in the near term.

The first major hurdle for bitcoin is near the resistance of the channel and $ 10,300. The next major resistance is near the 100-hour SMA and $ 10,500.

A successful close above $ 10,500 is required for fresh gains in the coming sessions. In the event stated, the price can recover to the $ 11,000 resistance zone.

You can see the BTC price here.

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