Bitcoin just broke above $10k but bears are applying some heavy pressure. Will the bulls be able to hold this significant level?
Tough to say. On one hand, I think we are nearing a bullish reversal on higher time frames (daily, weekly). On the other hand, the short term price action still looks weak, just sideways grinding without a high volume bottom. I'd like to see a daily close above the July 27th high ($10,235 Bitstamp) before getting my hopes up. This downtrend since $13,200 has been full of fakeouts, so I'm trying to avoid jumping the gun.
Correct, it's hard to say if bulls are going to hold with this mini-pump because it is too weak. Trading volume/24 hours is not within the framework of a bullish trend and we have been trading in a sideway patterns for the last couple of weeks. So I wouldn't be surprised if speculators are going to take profit at $10k which means that the price wouldn't hold that long before another sub 5 digits can be seen again. So let's see how it goes at we're nearing the end of the week.