Bitcoin has suffered heavy losses after the number one cryptocurrency was strongly rejected from just under the $11,000 level earlier this week. Bulls need to move price back above the $10,500 level to secure the BTCUSD pairs short-term outlook. Overall, selling technical pullbacks is favoured over buying while the BTCUSD pair trades under the important $10,600 level.

The BTCUSD pair is only bullish while trading above the $10,600 level, key resistance is located at the $11,000 and $11,500 levels.

The BTCUSD pair is only bearish while trading under the $10,600 level, sellers may test towards the $9,750 and $9,450 support levels.

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