Bitcoin has plummeted below the psychological $10,000 level on Wednesday, after finding strong resistance from just under the $10,300 level. The BTCUSD pair has started creating bearish lower highs, further clouding its short-term technical outlook. Repeated failure to surpass the $9,700 resistance level could provoke a strong decline back towards the $8,500 technical area.
The BTCUSD pair is only bullish while trading above the $9,700 level, key resistance is found at the $10,200 and the $10,500 levels.
If the BTCUSD pair trades below the $9,700, sellers may test the $9,000 and $8,500 support levels.
