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Bitcoin has lost steam residing below the $10,000 psychological area. The price went down below $9500. Bitcoin managed to reach $10,000. Nevertheless, it could not break above this level.
The Bitcoin pullback that started over the weekend has accelerated as we hit mid-week. During yesterday's US trading session BTC dropped below the highly critical $10,000 level and has failed to reclaim it. Recent comments from US Treasury Secretary Steven Mnuchin may have accelerated the pullback but in reality, one was overdue anyway. Mnuchin did recognize Bitcoin as a store of value and it received a further endorsement from US House Representative Kevin McCarthy who admitted to 'liking Bitcoin'. A further $30 billion has flowed out of cryptocurrency markets in the past 24 hours but this story is nothing new. Bitcoin's dominance remains a healthy 67 percent meaning that, as usual, the altcoins have bled out harder, many dumping double digits today.
Bitcoin has lost 25% in the past week, falling to as low as $9,300. Even though optimists are expecting for bulls to experience some form of short-term reprieve, historical trends and other key indicators predict a further unwinding of the cryptocurrency bull market.
TECHNICAL OVERVIEW:
The price is currently residing above $9500 area after breaking below the $10,000 area. The price is held by the dynamic level of 20 EMA, Tenkan, and Kijun line as resistance. A break above $10,000 will trigger Bitcoin growth. As the price remains above $9500, there is still a chance that it will break above $10,000 area again. The current correction is likely to be a part of the trend playing cycle. Bitcoin may lift up if it breaks above $10,000.
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