Bitcoin Price Prediction: Is It Starting a Downward Trend? October 9 BTC Analysis

  • In the short-term chart, Bitcoin (BTC) continues the downward movement that started from the $27,950 level and is currently trading around $27,477.
  • Closures above $27,450 could lead BTC to rise again to $27,700.
  • However, closures below $27,450 could deepen the downtrend towards the next support level at $27,135.

The short-term chart of Bitcoin shows a decline starting from the $27,950 level and is currently trading sideways around $27,477. If BTC manages to stay above $27,450, it could potentially rise back to $27,700.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When we examine the daily technical chart of Bitcoin, it is observed that the downward movement from the resistance range of $26,300 – $26,600 is continuing. If the BTC price cannot close above $26,600 on a daily basis, it aims to deepen the downward trend towards $26,943 levels.

The next nearest support zone for Bitcoin is at $26,700 – $26,285 levels. If BTC cannot bring its price back to $28,300 levels in the coming days, it may extend the downward trend to the support range of $26,700 – $26,285.

Therefore, Bitcoin investors should closely monitor the near-term. If the BTC price cannot break out of the $26,700 – $26,285 support range with strong buying pressure, it may continue the downward movement towards $25,800 levels.

Short-Term BTC Analysis

2-Hour BTC/USD Price Chart
2-Hour BTC/USD Price Chart

When looking at Bitcoin’s short-term technical chart, it has initiated a downward movement from the $27,950 level and is currently trading around $27,477 as of the time of writing.

BTC’s price is currently near the $27,450 support level. If Bitcoin continues to stay above $27,450, it may extend the uptrend to $27,700. However, if BTC closes below $27,450 on the 2-hour chart, it could expand the downward movement towards the next support level at $27,135.

If the price of BTC cannot rally strongly from the $27,135 level, it might continue the bearish trend, potentially reaching down to the significant support level at $26,714. If Bitcoin manages to find strong buying support at $26,714, its next target could be $28,600.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Coinbase, BiT Global End WBTC Delisting Dispute

Coinbase, BiT Global End WBTC Delisting Dispute $WBTC #WBTC

ETF Ethereum Soars: Blackrock ETHA Leads US$25 Million Inflow

ETF Ethereum Soars: Blackrock ETHA Leads US$25 Million Inflow $ETH...

Jun Ji-hyun’s Husband Faces $11.66M Loss in Wemade Cryptocurrency Investment

Jun Ji-hyun's husband, Choi Jun-hyuk, CEO of Alpha Asset...

Elon Musk Deletes Controversial Tweet Linking Trump to Epstein Files

On June 7th, Elon Musk removed a controversial tweet...

Tesla Stock Plummets Over 14% Amid Musk-Trump Feud, BiyaPay Users Capitalize on Market Volatility

COINOTAG News reports a significant deterioration in the relationship...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img