Bitcoin (BTC/USD) Market Faces Renewed Selling Pressure Below Key Resistance Zones
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Bitcoin Price Prediction – April 10
BTCUSD market faces renewed selling pressure below key resistance zones. The retraction from the diagonal resistance is likely to trigger a massive drop.
The Moving Average Convergence Divergence (MACD) indicator signals bearish momentum as the histogram bars remain below the zero line. The signal line is also crossing below the MACD line, indicating downward pressure. The 9-day Simple Moving Average (SMA), currently at approximately $81,030, is trending above the current price around $79,910, reinforcing the short-term bearish sentiment. This position suggests the pair is trading below its short-term trend, which often signals potential continuation to the downside.
BTC/USD Market Key Levels:
Resistance Levels: $85,010, $100,000, $108,390
Support Levels: $76,560, $66,780, $53,500
BTC/USD – Daily Chart
The BTCUSD daily chart shows a downward rebound from the diagonal resistance.
The daily chart shows a clear break of structure (BOS) below the $76,560 support level, confirming bearish control. The recent price retracement into the $85,010 order block (OB) failed to break above the descending trendline, rejecting at a confluence of resistance levels. A Change of Character (ChoCH) earlier near $76,560, followed by the lower high formation, confirms the weakening bullish structure and aligns with the downward momentum.
What is the likely projection of BTCUSD?
Looking ahead, the market appears poised for further decline. If the rejection from the $85,010 order block holds, BTCUSD could potentially drop towards the next support level around $66,780.
A break below that could open the door for a deeper move towards the $53,500 level. Until a significant bullish structure forms or price reclaims levels above the descending trendline and $85,010 resistance, the overall outlook remains bearish.
BTC/USD – Four-Hour Chart
BTCUSD is respecting the bearish order block between $82,500 and $85,010, with price facing rejection near the supply zone. The 9-period SMA at approximately $80,100 is acting as dynamic resistance, with the current price trading below it.
Although the MACD shows slight bullish momentum, it remains below key resistance, signaling a potential bull trap. If sellers maintain control, price could drop toward the next major support around $66,780.
Bitcoin (BTC) Current Statistics
The current price: $79,900
Market Capitalization: $1,580,000,000,000
Trading Volume: $70,330,000,000
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