Bitcoin May Erase Recent Gains as Bears Build Strength
Bitcoin has found some stability within the mid-$10,000 region over the past couple of days after incurring significant volatility earlier this week. This stability marks a bout of consolidation that comes shortly after BTCs massive surge from the lower-$9,000 region to highs of roughly $10,800, which is where it faced some levels of resistance.
Although the crypto has been in a firm short-term uptrend, it is important to note that analysts are now expressing caution when it comes to BTC and are noting that its bulls may be losing steam.
Bitcoin Stabilizes Around $10,600
At the time of writing, Bitcoin is trading up marginally at its current price of $10,560, which marks a slight retrace from its recent highs of $10,800 that were set yesterday.
It is important to note that the cryptocurrency is currently up significantly from its recent lows of $9,400 that were set last week, and that the lower-$9,000 region is a strong level of support for the cryptocurrency that has held strong on multiple occasions over the past several weeks.
The $10,000 region is undoubtedly a pivotal point for Bitcoin, as any decisive break above this region will mark a bullish trend shift, while a sustained break below it will mark the start of a bear trend.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a break below $10,300 could lead bulls to lose the strength that they recently gained.
$BTC: 1hr Sym triangle. If bears push down from this and take 10.3k, then I feel bulls could lose a lot of ground they covered earlier on the week, she explained in a recent tweet.
Analyst: Lower-$10,000 Region an Attractive Buying Area
Although The Cryptomist believes that a break below $10,300 could spell trouble for Bitcoins bulls, it is important to note that Luke Martin, another popular crypto analyst on Twitter, explained in a recent tweet that he believes the lower $10,000 region would be a attractive place to buy BTC.
Now that everyone’s bullish $BTC again after the pump from 9800 range low…I would like to see a dump down to 10.1/10.2k zone. That area is attractive again. The other attractive scenario for longs would be price closing *above* 10.9k, he explained.
Now that everyone's bullish $BTC again after the pump from 9800 range low...I would like to see a dump down to 10.1/10.2k zone. That area is attractive again. The other attractive scenario for longs would be price closing *above* 10.9k. pic.twitter.com/4OYG46T1L8— Luke Martin (@VentureCoinist) September 5, 2019
As the week drags on and Bitcoin continues to consolidate around the mid-$10,000 region, it is highly probable that the cryptocurrencys near-term trend will soon grow increasingly clear.
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