Bitcoin (BTC) has now spent close to seven days battling with the $10,000 mark, as bulls continue to hold that line and prevent any significant decline.
It is still unclear in what direction a breakout could occur soon, but it looks like the bulls are winning despite the enduring BTC weakness.
Crypto traders always say that when bitcoin breaks above a crucial resistance, it seldom trades below that level again. Given Bitcoin’s performance in the past few days, it appears that this is the case now.
Despite the several attempts to break below the 5-digit level, the sell-off has failed to secure a close below that level. Instead, it has left several wicks behind and these wicks are starting to shorten indicating that bears are getting tired.
By tomorrow, the seventh daily candle will be completed. If that candle maintains its position above the $10k mark, a strong bullish spike could ensue afterward.
Meanwhile, for the past decade, September has held the reputation for being a red month for the benchmark cryptocurrency. That said, it would be interesting to see how things play out for Bitcoin in the near-term.
BTCUSD 4-Hour Chart
Key BTC Levels to Watch
Bitcoin remains locked in a narrow channel between $10,345 and $9,880. Given the weakening condition of bears, we could see BTC climb higher soon. Bitcoin could break the bearish sentiment if it breaks back into the $10,500-800 pivot zone, which could propel it to further highs.
On the flip side, a break and close below the $10k mark is all bears need to take Bitcoin closer to the $9,600 CME gap.
Total market capital: $332.8 billion
Bitcoin market capital:$189 billion
Bitcoin dominance: 56.9%
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