Top Trader: Bitcoin Likely to Stay Below $10k For Awhile Despite Halving

The bitcoin price strongly rejected the $10,000 level for the third time in the past two weeks, each time establishing a lower low. A top trader foresees BTC struggling to recover beyond $10k in the near future as momentum slows down.

Why bitcoin is falling despite halving

After initially surging above $10,500, the bitcoin price has not shown any strong sign of bullish market continuation.

Despite attempts to push the market up by whales using spoof orders or fake buy orders at key support levels, bitcoin broke down at $10,000 every time BTC tested it since February 11.

It could indicate that the entire run up from the $8,000s to $10,500 was primarily driven by margin trading platforms like BitMEX and Binance Futures.

When the market needed actual retail demand to push it above $10,000 with strength, it did not see sufficient volume and momentum to do so.

DonAlt, a reowned cryptocurrency trader, said:

‘Still looking good for bears in my opinion. Given that I’m trading counter-trend, I…