Bitcoin’s 2020 uptrend has been unwavering, with the crypto posting steady gains without ever incurring any notable pullback throughout the course of this rally.
Overnight, however, the crypto experienced some intense volatility that appeared to be bear’s attempt at invalidating Bitcoin’s bullish market structure by pushing the cryptocurrency below $10,000.
Bulls have been able to defend this key level, however, leading analysts to note that BTC could be poised for an imminent break above $10,400, which is a key near-term resistance that has been halting its uptrend.
Bitcoin’s Next Bullish Advance Could Come About After It Breaks $10,400
Yesterday, Bitcoin found itself caught within a bout of sideways trading within the mid-$10,300 region, with the resistance at $10,400 proving to be too strong for buyers to surmount despite the cryptocurrency’s firmly bullish market structure.
Overnight, however, the crypto did face a bearish rejection at this level, which led it to reel down to lows of $10,100 before it found enough support to climb higher.
At the time of writing, Bitcoin is trading down just under 1% at its current price of $10,230, and it once again appears to be entering a bout of consolidation as bulls and bears engage in an intense battle.
In the near-term, $10,400 remains a key level that bulls need to break above in order to spark continuance of the cryptocurrency’s uptrend.
Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, spoke about this level in a recent tweet, in which he notes that it is only a matter of time before the crypto breaks above this key level.
“BTC still playing in this range. Only a matter of time before we bust through 10.4k,” he said while pointing to a trading range between $10,000 and $10,400.
It is also important to note that BTC may still remain firmly in the control of bulls after holding above $10,200, leading HornHairs, another popular cryptocurrency analyst on Twitter, to explain that the crypto looks “ok here” as long as it holds above its weekly opening.
“BTC update: Not sure what the hell that was about but it looks ok here as long as it can stay above the WO. Daily chart with a deep wick into previous resistance and mid-range as of now as well. Sitting out, holding spot and stalking alts until this fizzles out,” he explained.
How Bitcoin reacts to this recent volatility as the day drags on should offer insight into what this recent volatility means for the crypto’s long term trend, but at the moment BTC still appears to be firmly in buyer’s control.