The first cryptocurrency fell below $ 10,600. Analysts explained in which case a trend reversal will occur, and warned how low the value of the main digital coin could fall.
On Wednesday, October 7, the average bitcoin rate fell by 1.3% to $ 10,600. A few hours ago, the price fell sharply from $ 10,700 to $ 10,540, after which it partially recovered. The cryptocurrency began to fall in price after yesterday was unable to overcome the $ 10,800 mark.
NewsBTC analyst Ayash Jindal announced that the asset price has broken the support level of $ 10,650 and is now below the 100-hour moving average. At the moment, Bitcoin is holding above the important level of $ 10,550, but risks of a deeper fall remain.
"If there is a breakout of the $ 10,550 support level, the next target for the bears will be $ 10,387. Any further losses could in the near term lead the price to support at $ 10,250 or even $ 10,000," the analyst warned.
According to him, in order to start a fresh upward movement of the cryptocurrency, it is necessary to overcome the resistances of $ 10,650 and $ 10,680. The next key mark will be $ 10,800, after which the bulls will aim at breaking through the zone of $ 10,950. By the way, we have one of the lowest exchange fees.
FXStreet analyst John Isage added that Bitcoin is currently under selling pressure. There is a risk of a fall in the value of the cryptocurrency to $ 10,000, which will slow down at the support level of $ 10,200. The expert believes that in the near future the decline in the rate of the main digital coin is most likely. He stressed that the most reliable support area for an asset is between $ 9327 and $ 9655.