Bitcoin is ardently attempting to hold above $10,000, as this crucial psychological support level has been broken and reclaimed on multiple occasions throughout the past several hours.
Earlier today, the cryptocurrency showed some significant signs of weakness as it pushed below this level, with bears sending it as low as $9,900 before it saw a sharp rebound that led it all the way up to $10,100.
It has been facing some resistance here, however, with bulls struggling to garner any clear upwards momentum as heightened selling pressure persists.
That being said, one analyst is noting that there is a bull case to be made for Bitcoin despite its current weakness.
He notes that this recent drawdown could simply be a bullish retest that is followed by further upside.
In order for this possibility to come to fruition, it is imperative that bulls continue holding the cryptocurrency above $10,000. A failure to do so could cause this bullish retest to turn into a reversal, which would mean that significant downside is imminent.
Bitcoin Shows Signs of Weakness, But Bulls Ardently Defend $10,000
At the time of writing, Bitcoin is trading down just under 2% at its current price of $10,070. This marks a notable climb from daily lows of $9,900, but a slight decline from daily highs of $10,300 that were set yesterday.
The dip to $9,900 was aggressively bought by bulls, which subsequently allowed the crypto to