A swing high was formed near $10,949 before the price started a downside correction. There was a sharp decline below the $10,800 and $10,500 support levels.
Finally, there was a break below the $10,400 level. However, the price stayed above the $10,000 support and the 100 SMA.
There is also a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line support, there could be a sharp decline below $10,000 in the near term.
On the upside, an initial resistance is near the $10,600 level. If there is an upside break above $10,600, the price could revisit the $10,800 resistance. Finally, a close above the $11,000 level may perhaps set the pace for a larger upward move towards the $11,700 level.
Overall, there could be another dip towards $10,100 before a fresh increase.