BTC Bounces Off At $7750, Retracement Move May Lead To A Serious Sell-Off

BTC Bounces Off At $7750, Retracement Move May Lead To A Serious Sell-Off

Bitcoin (BTC) Price Analysis – October 1

Bitcoin is still bearish. What we are experiencing now is just a proper retracement to $9000 zone that was lost on September 24. Once Bitcoin reaches the mentioned zone, we can expect a massive dump to the $7000 price zone. The correction is normal for BTC to gather momentum for the next bearish move. As of now, the market is up by +3.59% with a more short-term bullish outlook.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $8600, $8800, $9000
Key support levels: $8200, $8000, $7750

The price of Bitcoin has struggled to hit $8500 earlier today after bouncing off at the $7750, which now holds as support. Currently, the market has slightly dropped to the current trading price at $8347. A bullish continuation could allow the market to further test the $8600, $8800 and $9000 resistance before resuming the bear rally.


As we can see, Bitcoin is now trending in a new descending channel pattern following the wedge break-down on September 24. However, the crypto trading signals a potential buy on the technical indicators. If BTC rolls back, we might see a bearish extension towards the $8200. $8000 and $7750 support, the mid-year low.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin is now bouncing higher following the break above the descending trend line (white) along with the important $8000 resistance-turned-support. The buyers are now targeting $9000 resistance. Before then, Bitcoin needs to climb to $8512, $8700 and $8850 resistance. But now, the market is currently pulling back.


If the price further pulls lower, the BTC price may floor at $8250, $8142 and $8015 support to test the while line. The crypto trading signals a selling pressure on the Stochastic RSI. We can expect a buy-back as soon as the oscillator turns bullish. The RSI is now pointing downward to show a slight drop in price. If the RSI 50 can remain strong, a price will continue to rise.


Buy Entry: $8268
TP: $8888
SL: $8153

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
Share with other traders!