RATE Group | Bitcoin Rally Stalls at $10K But Dip-Buyers Should Watch These Levels
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Bitcoin Rally Stalls at $10K But Dip-Buyers Should Watch These Levels

09 May Bitcoin Rally Stalls at $10K But Dip-Buyers Should Watch These Levels

Posted at 09:28h in Bitcoin News by

With only 2 days left until the block reward halving Bitcoin (BTC) reached $10,000 for the second time in 24-hours. Data from Cointelegraph Markets and CoinMarketCap shows the largest digital asset by market capitalization is struggling to stay above the $10K handle.

Crypto market weekly price chart. Source: Coin360

A few hours ago the price lost momentum and the dropoff in purchasing volume broke the pattern of higher lows, causing Bitcoin to drop below the pennant seen on the hourly and 4-hour time frame.

BTC USDT 1-hour chart. Source: TradingView

After Thursday’s 11.81% rally, some traders expected the price to pull back to retest lower supports. But since April 29, traders have been steadily buying into each dip. The price also appears to be supported by a high volume VPVR node right at $9,925, and on April 8 the price bounced right off this node. 

BTC USDT 4-hour chart. Source: TradingView

Despite this, there are signs that Bitcoin is in need of a pullback. On the shorter…

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