Bitcoin Price Prediction: BTC needs to defend critical support level at $10,600

  • Bitcoin is currently trading at $10,559, right below a crucial support level at $10,600.
  • If bulls can hold this level, the outlook for Bitcoin will remain positive.

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. The flagship cryptocurrency had a bullish breakout of the pattern on Sept. 14 that saw it rise to $11,100. Now BTC seems to be retesting the x-axis of this technical formation.

BTC/USD 4-hour chart

btc price

The most critical support level for Bitcoin in the short-term is $10,600, which almost coincides with the 100-SMA. The flagship cryptocurrency is also seeing an overextended RSIC, which could indicate that a bounce is underway. The current 4-hour candlestick could end up being a hammer candlestick, which usually attempts to determine the bottom. 


btc price

IntoTheBlock’s In/Out of the Money Around Price model (IOMAP) shows stiff resistance at a price of $10,840 as well as robust support at $10,420. A total of 965,750 addresses bought Bitcoin at an average of $10,420, with a total volume of 719,000 BTC.

On the other hand, more addresses (1,170,000) bought at a price of $10,840, but the volume (707,210 BTC) is lower.

Bitcoin Holders Distribution Chart

btc price

Source: Santiment

However, if we look at the chart with new daily active addresses, we can clearly see a decline since September 1. Additionally, the number of Bitcoin whales holding at least 1,000 coins has dropped from a peak of 2,110 holders on September 2 to a current low of 2,100, losing 10 whales. 

It seems that the general outlook for Bitcoin is bearish in the short-term, and bulls need to hold the $10,600 level. A bearish breakout of this support point will most likely take Bitcoin down to $10,200. On the flip side, if BTC starts bouncing, we could see the pioneer cryptocurrency retest $11,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: Bitcoin facing potential pullback before a final push to $20,000

Bitcoin is back above 60% market dominance and climbed above $13,000 for the first time since June 2019. In the past week alone, BTC's total market capitalization has increased by over $31 billion.

More Bitcoin News

Ripple Price Prediction: XRP cracks a critical resistance level and targets $0.30

XRP has been fighting with an ascending triangle pattern for around one month and seems to have finally cracked the upper boundary. If the digital asset can close above this critical resistance point, bulls will be in full control.

More Ripple News

Vechain Price Prediction: VET hits a robust resistance wall towards $0.016

Vechain, like the rest of the market, seems to be rebounding although still far away from its 2020-high at $0.0229, currently only trading at $0.0123. Over the past week, the digital asset gained around $125 million in market capitalization. 

More Vechain News

Bankers grow concerned as governments around the world rush to digital currencies

The idea of state-backed digital money is gaining traction around the globe. However, neither regulators nor the community clearly understands how it will look like and what are the consequences of this major evolutionary development in the global financial system.

More Cryptocurrencies News


Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast