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

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

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.