FORECAST :Bitcoin (BTC) dives under $11,000, bears rejoice
- BTC/USD has got caught in a bearish move, losing over 2% since the beginning of the day.
- The next support level comes at $10,400.
BTC/USD is in another leg lower and more losses are likely as a sustainable move below $11,000 might trigger stops on short-term speculative positions.
Bitcoin broke the above-said psychological barrier and extended the decline towards the intraday low of $10,764. While the first digital coin managed to recover to $10,853 by the time of writing, the selling pressure remains strong with the next focus on $10,400 (Pivot Point 1-day Support 1 and Pivot Point 1-week Support 1).
On the upside, a sustainable move back above $11,000 handle is needed to mitigate the immediate bearish pressure and allow the coin to extend the recovery towards $11,500.