The past week has proven to be quite volatile for the crypto market, with multiple major altcoins posting major gains while Bitcoin traded sideways within the lower-$10,000 region. Yesterday, however, this bullish momentum grinded to a halt when Bitcoin (BTC) plummeted below $10,000, which may spell trouble for the markets in the near-term.<\/p>\n
In spite of this potential bearishness, one prominent crypto analyst is now noting that one piece of on-chain data may signal an underlying bullishness for the cryptocurrency, which may mean that today\u2019s drop is simply a flash in the pan that is ultimately followed by an extension of its recent established upwards momentum.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 3% at its current price of $9,920, which marks a slight retrace from its 24-highs of $10,300 and an even steeper drop from its weekly highs of nearly $10,500.<\/p>\n Bitcoin\u2019s inability to maintain its position within the five-figure price region certainly signals that bears may currently have a slight edge over bulls, and it also points to the possibility that BTC<\/a> will once again revisit its historically established support level around $9,300.<\/p>\n In the near-term, it does appear that BTC\u2019s bulls and bears are currently locked in a tight battle, and the low-$10,000 region may mark a turning point where the crypto\u2019s near-term trend grows increasingly clear.<\/p>\n The Cryptomist, a popular crypto analyst on Twitter, spoke about the importance of this level, explaining that she expects BTC to move upwards towards $10,050, which is where it may once again incur significant selling pressure that sends it reeling lower.<\/p>\n \u201c$BTC: There was the drop mentioned. However, am little surprised at the strength of the bulls. I do see bulls pushing this back up to 10050 range, where we could load up for another drop. No bias however, waiting for 10050,\u201d she explained.<\/p><\/blockquote>\n $Btc<\/a><\/p>\n There was the drop mentioned. I do see bulls pushing this back up to 10050 range, where we could load up for another drop. <\/p>\n No bias however, waiting for 10050 <\/p>\n \ud83d\ude42 pic.twitter.com\/8Z6TLdt69U<\/a><\/p>\n — The Cryptomist (@Thecryptomist) September 19, 2019<\/a><\/p><\/blockquote>\n\n
However, am little surprised at the strength of the bulls<\/p>\n