Bitcoin (BTC) traded on a goodish mood today, as price rebounds from its recent visit to the $10,200 demand zone. The cryptocurrency now trades slightly above the $10,650 supply zone and a few points away from its highest level in the past two days ($10,737).
Meanwhile, data from Coinmarketcap indicate that the cryptocurrency market fell back under $325 billion earlier today and has recorded a new lower high for the first time since the Coronavirus pandemic hit in March. This is very indicative of a bearish bias.
Still, bulls are showing just how strong and determined they are with the recent rebound. That said, BTC remains in a struggle to find any significant momentum in the near-term, as bulls and bears continue to struggle for control. The coming trading days will determine who the near-term winner will be, bearing in mind that the path of least resistance for BTC is leaning towards the downside.
Key BTC Levels to Watch
Bitcoin has now entered a slight rebound over the past few hours, as bulls keep $11,200 in mind. At press time, the benchmark cryptocurrency is trading at $10,630, not too far from the $10,650 supply level. It appears that the recent rebound has been stalled after the crypto touched the 50 SMA ($10,732).
Given the current momentum, we’re likely going to see a retest and possible break of that level, which will be met by yet a strong confluence of resistance (the descending trendline, the 200 SMA, and the $10,800 pivot point).
A healthy break above that resistance confluence could pave the way for a retest of the $11,200 supply level, while a failure to clear this hurdle could send BTC spiraling to $10,200.
Total market capital: $337 billion
Bitcoin market capital: $197 billion
Bitcoin dominance: 58.4%
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