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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s Recent Drawback May Mark a Bullish Retest as Bulls Defend $10,000

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin is currently showing some serious signs of strength. The benchmark cryptocurrency has flown past its $10,400 resistance and is now en route to setting fresh weekly highs.

This marks a notable rebound from lows of $9,900 that were set on multiple occasions throughout the past couple of weeks.

The buying pressure between this level and $10,000 was rather significant, as it was defended on multiple occasions by buyers keen on maintaining BTC’s mid-term market structure.

It now appears that the crypto is poised to see further upside in the near-term, which could be perpetuated by strength in the stock market.

Some believe that the stock market’s recent plunge was the impetus of Bitcoin’s decline from recent highs of $12,400. Macro uncertainty, coupled with the lack of buying pressure above $12,000, does seem to have contributed to this weakness.

However, the equities market is currently recovering from this recent decline, which may bolster BTC in the near-term.

One analyst is noting that he is continuing to watch the global markets for insight into where Bitcoin may trend next. He does believe that the recent dips below $10,000 may simply be “bullish retests.”

Bitcoin Shows Signs of Strength as Stock Market Rebounds 

At the time of writing, Bitcoin is trading up over 2% at its current price of $10,500. This marks a notable recovery from its recent sub-$10,000 lows that were set on multiple occasions throughout the past few weeks.

This recent weakness seen by BTC came about during the stock market’s recent slide, which led the benchmark indices to erase weeks of gains.

That being said, the stock market is currently rebounding for the second straight day and is showing some serious signs of strength.

Analyst: Stock Market Strength Coupled With $10,000 Support Bodes Well for BTC

While speaking about Bitcoin’s short-term outlook, one analyst explained that he believes a combination of strength in the stock market coupled with the support at $10,000 will be enough to bolster BTC.

He also notes that, for now, those claiming that this recent dip was simply a “bullish retest” are correct.

“A lot will depend on how SPY holds up the rest of the week, but this is some seriously wicky action into this level. So far so good for team ‘just a retest’” he said.

Bitcoin

Image Courtesy of Jonny Moe. Chart via TradingView.

How Bitcoin trends throughout the coming couple of days should reveal the sustainability of this movement.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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