It is safe to say that Bitcoin has been turbulent in recent days, after tight trading for a few weeks with relatively low volatility. A few days ago (September 24), the Bitcoin price rose sharply by moving above the resistance levels of $10,500 and $10,700 against the US dollar. At the moment, the price is declining and is moving close to the 9-day and 21-day moving averages at $10,755.

What is the Next Direction for Bitcoin?
A crucial uptrend could probably form if the coin remains above the moving averages, with support close to $10,500 on the daily chart. However, if the decline occurs below the moving averages, the price could extend its downward correction to the lower boundary of the channel and any other loss could possibly push the price of Bitcoin to the support level of $10,200.

More so, a further sell may cause the market to reach the critical supports at $10,000, $9,800, and $9,600. In other words, if the market were to rebound, traders could see the next buying pressure towards the resistance levels of $11,600, $11,800 and $12,000 with the technical indicator RSI (14) remains below average.

Reference by: Azeez Mustapha