Bitcoin (BTCUSD) is likely to continue its retreat after sellers put in resistance around $10,500. BTC/USD 4H Chart(click to enlarge)We noted a bearish outlook when price retreated from a falling resistance around $11,500. Although price extended above a little bit, it retreated sharply back down.The 4H chart shows that BTC/USD has broken below a rising channel.Then, after finding support at $9,600, BTCUSD rallied only to find resistance at a key pivot: $10,500.The failure to push above shows that bears are in charge.Price is now pushing back at $9600.I would not rely on this support other than in the near-term.I think it will eventually break over the weekend, and price will be pushing towards$8800-$9000.