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, which is created when the price establishes higher lows but not higher highs. Bitcoin price had a bullish breakout of the pattern, and it’s now retesting the upper trendline, which was resistance and has now turned into support. BTC/USD 4-hour chart 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 IOMAP Chart IntoTheBlock’s In/Out of the Money Around Price model (IOMAP) shows stiff resistance at $10,839 as well as robust support at $10,416. The idea behind this fundamental index is to show the average purchase price of Bitcoin versus its current price. A total of 965,750 addresses bought Bitcoin at an average of $10,416, with a total volume of 719k BTC. On the other hand, more addresses bought at $10,839, but the volume is lower. Investors are not happy to sell at a loss, which makes the IOMAP chart great for determining resistance and support levels. Bitcoin Holders Distribution Chart 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. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Gold Price Analysis: XAU/USD dives to sub-$1900 levels, six-week lows FX Street 2 years 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, which is created when the price establishes higher lows but not higher highs. Bitcoin price had a bullish breakout of the pattern, and it’s now retesting the upper trendline, which was resistance and has now turned into support. BTC/USD 4-hour chart 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.