After hanging by a thread above $10,000 for most of the day yesterday, Bitcoin\u2019s bulls stepped up and sent the cryptocurrency surging to highs of over $10,500. Although this rally did spark excitement amongst BTC investors, the move ultimately proved to be somewhat fleeting.<\/p>\n
Analysts are now noting that $10,900 is a key region of resistance that must be broken above in the near-term, or else BTC\u2019s latest movement upwards may mark a \u201cdead cat bounce\u201d that will be closely followed by an extension of its recently incurred downwards momentum.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 2.5% at its current price<\/a> of $10,350, which marks a retrace from its 24-hour highs of over $10,500 that were set yesterday.<\/p>\n Although this movement did prove that $10,000 remains a strong level of support for the cryptocurrency, a failure for the crypto\u2019s buyers to maintain its newfound upwards momentum may signal that further losses are imminent.<\/p>\n In the near-term, analysts are now noting that $10,900 is a key region of resistance<\/a> that must be broken above, or else this latest price surge may simply be a dead cat bounce that is followed by a drop below $10,000.<\/p>\n Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about the key price levels he is watching in a recent tweet, explaining that $10,900 is the price that BTC must break above in the near-future for an uptrend to begin.<\/p>\n \u201cDid not expect price to jump $600, an hour after saying this. Nothing special about wanting to be long by support. @CryptoCred chart yesterday explained it clearly. Still like long vs short exposure. The higher conviction, slower moving confirmation is $BTC above 10.9k zone,\u201d he explained while pointing to the below chart.<\/p><\/blockquote>\n Did not expect price to jump $600, an hour after saying this. Nothing special about wanting to be long by support. @CryptoCred<\/a> chart yesterday explained it clearly.<\/p>\n Still like long vs short exposure. <\/p>\n The higher conviction, slower moving confirmation is $BTC<\/a> above 10.9k zone. pic.twitter.com\/Cxa3e82nwA<\/a><\/p>\n — Luke Martin (@VentureCoinist) August 26, 2019<\/a><\/p><\/blockquote>\n\n