Bitcoin (BTC) Price Analysis for October 9

Bears continue their pressure as most of the coins remain in the red zone.

BTC/USD

The rate of Bitcoin (BTC) has declined by 0.29% since yesterday, while the price has risen by 1.46% over the last week.

On the hourly chart, Bitcoin (BTC) has begun to rise after the false breakout of the support level at $19,331. At the moment, the price is near the local resistance at $19,524.

If buyers can hold the gained initiative, the rise may continue to the $19,600 zone.

On the bigger time frame, Bitcoin (BTC) has once again bounced off the support level at $19,335. While the price is above it, there is a chance for local growth. If that happens, the next zone where sellers can return to the game is the area of $19,800.

From the midterm point of view, the situation is more bearish than bullish as the price is still near the support level of $17,592. If buyers lose the $19,000 mark, one can expect a sharp drop soon.

Bitcoin is trading at $19,503 at press time.

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