BTC/USD drops below $11,000 during the early Asian hours of trading but the coin failed to recover above the critical level so far. 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. The number one cryptocurrency hit a brick wall on the approach to $10,700 and dropped under the pivotal area in a matter of hours.

What to Expect from Bitcoin (BTC)
An upside break above the 9-day and 21-day moving averages around is a must to start a substantial recovery. Once this happens, the next hurdles may be seen near the resistance levels of $11,500, $11,700, and $11,900. 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. In addition, maintaining a gradual downward trend in the negative region, the signal line of RSI (14) decreases as it faces a downward trend for an increase in selling entries.

Reference by: Azeez Mustapha