Bitcoin is trading bck under the $10,600 level in early Monday trade, after the BTCUSD pair suffered heavy losses over the weekend. The short and medium-term outlook for the BTCUSD pair is now shifting, with price now making lower highs and crucially, lower lows. A break below the pyschological $10,000 level exposes a very important technical test of the $9,600 support level.

The BTCUSD pair is only bullish while trading above the $11,800 level, key resistance is located at the $12,000 and $12,400 levels.

If the BTCUSD pair trades under the $11,800 level, sellers may test towards the $10,000 and $9,600 support levels.

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