After incurring a sudden influx of buying pressure yesterday that sent Bitcoin\u2019s price surging past $10,400, the crypto\u2019s bulls were unable to perpetuate this momentum, which has since led BTC to retrace back towards the lower-$10,000 region.<\/p>\n
Analysts are noting that Bitcoin may still be gearing up for a bullish movement despite its seemingly bearish price action in the near-term, but its reaction to the $10,500 level will be key for verifying this potentially covert bullishness.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up nominally at its current price<\/a> of $10,225, which marks a full retrace of the gains that were incurred during yesterday\u2019s surge.<\/p>\n BTC\u2019s inability to break above $10,400 yesterday signaled that today\u2019s retrace was imminent, and points to an underlying weakness that could spell trouble for its near-term price action.<\/p>\n The next key support level that analysts are watching exists at roughly $10,000, as this is where the cryptocurrency has consistently found a significant amount of buying pressure that has allowed BTC to post decent gains.<\/p>\n If buyers are unable to defend this price, then it is highly probable that Bitcoin<\/a> will dip to its next major region of buying pressure that exists in the lower-$9,000 region, which has consistently proven to be a massive support level on multiple occasions over the past several months.<\/p>\n In spite of the retrace that BTC<\/a> faced overnight, analysts are still noting that the cryptocurrency has a decent chance of incurring some further bullishness in the near-term, but its reaction to $10,500 will be critical for verifying the possibility of there being covert bullishness.<\/p>\n Flib Flib, a popular crypto analyst, mused this possibility in a recent tweet, explaining that he is closely watching to see if BTC will be able to reclaim $10,500 this week.<\/p>\n \u201cWeekly $btc Chart removes a lot of the noise. Prepared for the worst but this doesn\u2019t scream descending triangle top into 50% selloffs to me. Also, VPVR gap at 6k was below – this time it is above. Just worth bearing in mind. Want to see Bulls re-claim $10.5k this week,\u201d he said while pointing to the below chart.<\/p><\/blockquote>\n Weekly $btc<\/a> Chart removes alot of the noise.<\/p>\n Prepared for the worst but this doesnt scream descending triangle top into 50% selloffs to me.<\/p>\n Also, VPVR gap at 6k was below – this time it is above. Want to see Bulls re-claim $10.5k this week. pic.twitter.com\/as0VLZ2ZTc<\/a><\/p>\n — filbfilb (@filbfilb) September 17, 2019<\/a><\/p><\/blockquote>\nIs BTC Showing Some Covert Signs of Bullishness?<\/strong><\/h2>\n
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Just worth bearing in mind. <\/p>\n