Traders agree that Bitcoin’s short-term price prospects are strongly angled toward the downside.
Bitcoin (BTC) dropped by $6,000 between Sept. 29 and Oct. 3, reaching a two-week low of $59,860 and based off the intra-day price action, it looks like the decline is set to continue.
BTC/USD hourly chart. Source: TradingView
The latest sell-off, triggered by geopolitical tensions in the Middle East, has seen the price lose key support levels: the 50-day exponential moving average (EMA) at $61,318 and the 100-day EMA at $61,438.
