Bitcoin is back into the hands of the bears after a rejection yesterday from $10,000. Initially, bulls managed to break $10,000 on a few exchanges but got rejected and BTC dropped to $9,700, not a terrible rejection. Unfortunately, bears are seeing a lot of continuation today and Bitcoin is currently trading at $9,300 at the time of writing.
Currently, BTC is testing the daily 26-EMA after losing the 12-EMA, however, the candlestick hasn’t closed just yet and bulls could still defend the 12-EMA by the end of the day. There is more trading volume today than in the last week, something notable in favor of the bears but it’s still a relatively low volume.
There are some key differences in this rejection, for instance, only around $17 million worth of Bitcoin was liquidated on BitMEX, a relatively low amount of Bitcoin considering the exchange usually sees hundreds of millions liquidated after Bitcoin rejections. This gradual retracement is far healthier and could indicate a lack of selling pressure.
Bitcoin Needs To Defend This Long-Term Support Trendline
Mati Greenspan, analyst, investor, and founder of QE4everyone has recently tweeted about Bitcoin’s current situation. According to Greenspan, Bitcoin is testing a trendline formed since the crash on March 12.