Bitcoin Price Prediction: BTC/USD Returns below $11,000, Erases Yesterday’s Gain

At the time of writing, the price of Bitcoin is moving around $10,897 as the coin is down with 1.65% within 24 hours. On the downside, initial support is near the 21-day MA at the $10,600 level and if there is a successful break below this level, the bears are likely to gain strength by bringing the price to a low of $10,500, $10,300, and $10,100 respectively.

Currently, Bitcoin price follows a dominant bearish bias and a glance at the technical indicator RSI (14) displays a negative picture for BTC in the near-term. Looking at the 4-hour chart, Bitcoin’s price is currently trading around $10,883 and below the 9-day and 21-day moving averages after falling from $11,081 where the coin started trading today.

Timeline of Bitcoin