At the start of the day, Bitcoin exhibited significant weakness as bears sent it as low as $9,880 where it carried out a sharp rebound to the $10,200 level. It appears to have gotten stuck around this level as bulls continue to struggle with the mounting selling pressure.
However, one analyst believes that Bitcoin could still be bullish despite its persisting weakness. The analyst notes that this decline is simply a modest retrace with a major recovery on its way.
For this prediction to come to pass, Bitcoin has to hold above the $10,000 line. A failure to do so could spell devastation for bulls in the near-term.
Key BTC Levels to Watch
At press time, Bitcoin is trading down at 0.67% on the day at $10,190. This is a modest climb from its daily low at $9,880 and several points below its daily high at $10,312.
Today’s dip was bought aggressively by bulls at the $9,880 support, sending it back above $10k. This makes that support very crucial and possible BTC’s last defense from the $9,600 CME gap.
However, given the current market conditions, it appears that the CME gap might be filled soon. In the last 24 hours, more than $15 billion has left the cryptocurrency market signifying a sell-off in progress.
That said, the gap getting filled soon could liberate the cryptocurrency and send it back above its YTD highs.
Right now, all eyes are on the $10,000 as Bitcoin’s reaction to this level in the coming hours will help the benchmark crypto regain directional stability.
Total market capital: $328 billion
Bitcoin market capital: $188 billion
Bitcoin dominance: 57.3%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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