Bitcoin has been caught within intense turbulence over the past several day and weeks, with its recent price action being primarily bear-favoring as the cryptocurrency struggles to gain any notable upwards momentum after falling below its key support level at $10,000.
In the near-term, despite the overt bearishness of the price action seen over the past couple of days, it is possible that the crypto will soon break back above $10,000.
In order for this bullish possibility to be validated, however, it is imperative that BTC holds above $9,500 before its daily close.
Bitcoin Could See a Major Rally if It Holds Above This Key Support Level
Bitcoin’s intense uptrend seen over the past couple of weeks has resulted in a bearish downwards movement, which first came about yesterday when the crypto failed to establish a strong position within the lower-$10,000 region.
While zooming out and looking at the cryptocurrency’s multi-week price action, it is important to note that it is still trading up significantly from its February lows of $9,150, and even more significantly from its year-to-date lows of $6,800.
Importantly, in order for this uptrend to stay strong, it is imperative that the cryptocurrency holds strong above $9,500 as its daily close fast approaches, as a decline below this level could open the gates for further near-term losses.
HornHairs, a popular crypto analyst on Twitter, spoke about this level in a recent tweet, saying:
“BTC: Cautiously bullish until we get a daily close below $9.5k,” he noted in a recent tweet.
In spite of the crypto’s ability to hold above this level, it is important to note that the bear case is still strong.
Bagsy, another popular crypto analyst, explained in a recent tweet that BTC still remains bearish as long as the crypto remains caught beneath point-of-control (POC) resistance and below its 0.25 range level at $9,900.
“BTC: Managed to close back within the range low, however we’re still beneath POC resistance and the 0.25, which are two levels I’d like to see reclaimed before I look to exit my short,” he explained in a recent tweet.
In the near-term, how Bitcoin responds to the intense selling pressure that is currently being faced will offer deep insight into where the aggregated market is heading next.