Bitcoin (BTC) Price Analysis for October 12

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Bears have been controlling the situation since the beginning of the day.

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The rate of Bitcoin (BTC) has declined by 1.52% since yesterday.

Image by TradingView

On the hourly chart, the price of Bitcoin (BTC) is looking bearish as the rate is testing the local support level of $26,666. If the daily bar closes around it or below, the drop is likely to continue to the $26,500 zone.

Image by TradingView

A less clear picture appears on the daily time frame, as the price of BTC remains far from key levels. As none of the sides has seized the initiative yet, consolidation in the area of $26,400-$26,800 is the more likely scenario until the end of the week.

Image by TradingView

From the midterm point of view, traders should focus on the nearest support of $24,920. If the breakout of it happens, the price of BTC may return to an ongoing drop.

However, it might take a few weeks before that occurs.

Bitcoin is trading at $26,713 at press time.

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Denys Serhiichuk

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