Bitcoin and the aggregated crypto markets have incurred immense volatility over the past several days and weeks, which has come about as Bitcoin\u2019s bulls and bears have engaged in an intense battle that has, over the past 24-hours, favored BTC\u2019s bears.<\/p>\n
Yesterday evening the crypto rallied to highs of $9,200 before meeting significant resistance that sparked a sell-off down to the $8,600 region.<\/p>\n
This has tempered the euphoria that many investors were experiencing yesterday evening, but it is important to note that analysts still believe that Bitcoin\u2019s current market structure is bullish.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down roughly 3% at its current price<\/a> of $8,650, which marks a notable decline from its daily highs of $9,200 that were set at the peak of yesterday evening\u2019s rally.<\/p>\n This rally marked a significant extension of the upwards momentum that the cryptocurrency incurred earlier this month when it began rallying from lows of $6,800.<\/p>\n It is imperative to note that Bitcoin<\/a> is still trading up significantly from its multi-day lows in spite of this latest rejection, which is leading some analysts to remind investors that the overall market structure remains fully bullish.<\/p>\n Blockroots co-founder Josh Rager \u2013 a highly-regarded analyst \u2013 spoke about this in a recent tweet, noting that he isn\u2019t worried about any notable trend shift unless BTC drops all the way to below $7,700.<\/p>\n \u201c$BTC pullbacks should be expected. The important thing to keep an eye on is the market structure and the trend change. Price would likely bounce at low $8ks. Unless price made its way down past $7700, I wouldn’t worry,\u201d he noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/josh_rager\/status\/05592832?s=21<\/p>\n Rager is not along in believing that BTC is still bullish despite the overnight rejection, as Galaxy \u2013 another popular crypto analyst on Twitter \u2013 explained in a tweet that he believes $10,000 is still in play as a short-term target.<\/p>\n \u201cAs long as $8400 holds there is nothing to worry about. $10K still in play,\u201d he noted while referencing the trendline seen below.<\/p><\/blockquote>\n As long as $8400 holds there is nothing to worry about.<\/p>\n $10K still in play. $BTC<\/a> pic.twitter.com\/jwxCatetlP<\/a><\/p>\n — Galaxy (@galaxyBTC) January 19, 2020<\/a><\/p><\/blockquote>\nAs Long as $8,400 Holds, BTC Could Be Bound for a Movement Past $10,000<\/strong><\/h2>\n
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