Bitcoin Plunges Below $10,000 After Harsh Rejection: Is this It for Bulls?

Over the past few minutes, Bitcoin has plunged lower, just now losing the key $10,000 price level, falling through it as if was not much more than a piece of soggy letter paper.

At the plunge’s worst, the cryptocurrency traded as low as $9,850 (on some exchanges), falling nearly 5% from the local top at $10,300 seen earlier today.

This move unsurprisingly caught many cryptocurrency traders with their pants down, with $15 million or so worth of Bitcoin long positions on BitMEX being liquidated during the drop.

Does Bitcoin Remain Bullish?

While this drop was harsh, many are certain that the cryptocurrency’s medium-term uptrend remains intact, for just a few days ago, Bitcoin was changing hands for $9,500; the fact the cryptocurrency remains at $9,900, above the ever-important $9,500 level, suggests bulls remain in control.

Trader Inmortal Technique shared the below chart on Tuesday, showing that Bitcoin’s bounce in the $9,500 region is similar to a previous retracement in the ongoing…