After briefly touching $10,008 earlier today, Bitcoin (BTC) stepped back to $9,620 two hours later. The crypto has now failed to meet the same mark twice today as US trading rejects it at around $9,850.
Optimism for the bulls fell short after the high volumes generated last weekend since it pushed to $9,650 on Friday. The bearish turn prior to the pullback helped BTC to rise back into $10,000 on Sunday.
The rejection at $10,000 logged another bearish lower high on the technical charts. This showed a succession since the $10,500 rally achieved on February 13.
In writing, Bitcoin is trading at $9,750 with a global average price of $9,765.
Bitcoin printed three lower highs on the four-hour chart over the past 10 days, currently at $10,028. Higher volumes could continue a broader uptrend from January lows below $7,000 to a recovery of the $10,500 high.
However, the coin is currently looking south, with the trendline rising from February 19 lows. A drop to the 200-candle average at $9,508, therefore, can’t be ruled out.
Acceptance under the trendline acting as strong support last week could support a dive to the higher low of $9,075.
Prices jumped and fell in the range of $10,300 to $9,300 before closing out flat last week. This pattern appeared after a price rally, showing indecisiveness among buyers.
Strong volumes above $10,400 could prompt bull confidence, which could lift the price past $11,000.
Conversely, sell-offs below $9,300 could confirm a bearish doji reversal pattern.
If the lower-highs setup on the four-hour chart gets invalidated with strong volumes, it could see a move above $10,300.
In a previous analysis, Contelegraph contributor Keith Waring said bullish investors should strive for $10,300 rather than $10,000. Besides, he claimed that Bitcoin’s current setup strengthens the chances of surpassing the $10,000.
Crypto analyst Michael Van De Poppe also agreed to take the bullish side. As long as the current level retains the support, he anticipates the coin to reach $11,000 or even $11,600.
Bitcoin price found acceptance within $10 of $10,000 on Saturday before sinking back to $9,794.
The daily relative strength index, on the other hand, sees Bitcoin treading neutral territory at around 55.
Meanwhile, the daily moving average convergence divergence (MACD) histogram shows an aggressive bull volume.
Bitcoin is expected to reach $10,200 to check if it could reclaim its resistance as support. If it does, traders see a greater possibility of a $10,300 recovery.