After briefly incurring a significant influx of buying pressure, Bitcoin (BTC) has once again lost its momentum and is now nearing its key psychological support level at $10,000, which has proven to be a strong support level for the cryptocurrency in recent times.<\/p>\n
In spite of this currently bearish price action, one analyst is noting that history suggests that Bitcoin may currently be in the early stages of the next massive bull run, which may mean that its current bearishness will ultimately prove to be fleeting.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just over 1.5% at its current price<\/a> of $10,020, which marks a slight retrace from its 24-hour highs of over $10,200.<\/p>\n Bitcoin\u2019s inability to gain any momentum as it trades sideways within the lower-$10,000 region appears to be spelling trouble for the cryptocurrency\u2019s bulls, as it is beginning to look increasingly likely that another drop into the four-figure price region is imminent.<\/p>\n Previously, BTC has found significant support within the lower-$9,000 region, and this is the price region that analysts will be closely watching in the near-term.<\/p>\n UB, a crypto analyst on Twitter, spoke about Bitcoin\u2019s current price action<\/a> in a recent tweet, explaining that he expects it to drop lower in the coming days after facing a rejection at $10,450.<\/p>\n \u201c$BTC – Despite the strong Daily Candle, Bitcoin is still unable to close above Diagonal Resistance \/ $10,450. You can see many examples on the Hourly Chart when significant wicks lead to nothing. Typically, the wicks get “filled” and price continues in that direction,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> – Despite the strong Daily Candle, Bitcoin is still unable to close above Diagonal Resistance \/ $10,450. <\/p>\n You can see many examples on the Hourly Chart when significant wicks lead to nothing. <\/p>\n Typically the wicks get "filled" and price continues in that direction. #BTC<\/a> pic.twitter.com\/yAKKxHYZZp<\/a><\/p>\n — UB (@CryptoUB) September 21, 2019<\/a><\/p><\/blockquote>\n\n