Bitcoin retreated after crossing into five figures early on Monday, establishing the psychological level of $10,000 as the resistance to beat for the bulls.
After briefly touching $10,008 at 01:30 UTC, according to CoinDesk's Bitcoin Price Index, the cryptocurrency had fallen back to $9,620 by 03:00.Bitcoin has now failed twice in the last 24 hours to find takers above $10,000.
Bitcoin remained resilient around $9,650 on Friday, despite a bearish turn by the money flow index, and rose to five figures on Sunday.
Importantly, with the rejection at $10,000, bitcoin has logged another bearish lower high on the technical charts - one of a succession since the recent rally stalled at $10,500 on Feb. 13.Invalidation of the lower highs setup is needed to revive the immediate bullish case.
As a result, the high around $10,000 observed during Monday's Asia hours is the level to beat for the bulls.
Its global average price as calculated by the Bitcoin Price Index is $9,765, down 1.38 percent over 24 hours.
Bitcoin has printed three lower highs on the 4-hour chart over the last 10 days, the latest being $10,028.
A high-volume move above that level would imply a continuation of the broader uptrend from January lows below $7,000 and open the doors for a re-test of the Feb. 13 high of $10,500.
At press time, bitcoin is looking south, with the trendline rising from Feb. 19 lows now breached to the downside.
Bitcoin produced a doji candle last week, as prices swung both ways in the range of $10,300 to $9,300 before closing out on a flat note.
$10K Proving a Tough Nut to Crack for Bitcoin's Bulls
gepubliceerd op Feb 24, 2020
by Coindesk | gepubliceerd op Coinage
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