• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

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

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Bitcoin

Bitcoin Price Could Fall To $8,000, Says Guggenheim CIO

27 mins ago
bitcoin, ethereum

Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

4 hours ago
Ethereum

TA: Ethereum Dips But Here’s Why ETH Could Start Fresh Increase

16 hours ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

18 hours ago
Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

22 hours ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

22 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Joins Plastiks in the Campaign to Efficiently Reduce Plastic Pollution

May 24, 2022

LBank Exchange Will List MegaDAO (MEGADAO) on May 25, 2022

May 24, 2022

NFT Crowdfunding & Fractionalization Protocol Confti Launched

May 24, 2022

MetaEstate Has Closed A Multi-Million Dollar Strategic Round of Funding Led by Matrixport and SevenX Ventures

May 24, 2022

YOP Finance Launches Three-Click Yield Farming Platform for DeFi

May 24, 2022

ABOUT US

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.