Bitcoin Price Prediction: Is Bitcoin Starting a Bearish Trend? October 7 BTC Analysis

• Currently, BTC is continuing its bearish trend, trading at $27,917, down from the $28,400 level.
• If BTC closes below $27,000 and under the indicated blue support zone for 3 hours, it could extend the downtrend to $26,714.
• However, if BTC encounters strong buying pressure at the $26,714 level, it might rebound from this support and aim for $28,900.

BTC’s 3-hour chart shows an upward movement starting from the blue support zone, with the price currently at $27,917. However, closing below $27,000 and the mentioned support could accelerate the descent.

Middle-Term BTC Analysis

When examining the daily technical chart of Bitcoin, it is noteworthy that there has been a downward movement originating from the resistance level of $28,300 – $28,600, followed by a resurgence starting from the $27,100 level. If the BTC price fails to achieve daily closes above the $28,300 level, it could potentially extend the downward trend towards the $27,000 level.

If the BTC price manages to close below the $27,000 level on a daily basis, it may have the potential to continue the downward movement towards the $25,870 level. Therefore, it is important for BTC investors to pay attention to daily closures below the $27,000 level.

However, if the BTC price continues to stay above the $27,000 level, it may be attempting to overcome the $28,300 – $28,600 resistance and extend its rise towards the $29,300 level. If BTC manages to achieve daily closes above the $29,300 level, the next target could be the $30,280 level.

SHORT-TERM BTC PRICE ANALYSIS

When we examine the 3-hour technical chart of Bitcoin, we can observe the upward movement that originated from the previously mentioned blue support zone, which has provided your readers with a 4% gain. The BTC price is currently maintaining a downward trend that started from the $28,400 level and is trading at $27,917 at the moment.

If the BTC price fails to maintain 3-hour closures below the previously mentioned blue support zone and below the $27,000 level, it could potentially extend the downtrend to the next support zone at $26,714 levels.

However, if the BTC price encounters strong buying pressure at the $26,714 level, it might be inclined to initiate an upward movement from this critical support, with a target set at $28,900. But should the BTC price record 3-hour closures below the $26,714 level, it could deepen the downward movement towards $26,350 levels.