Bitcoin is currently showing some serious signs of strength. The benchmark cryptocurrency has flown past its $10,400 resistance and is now en route to setting fresh weekly highs.
This marks a notable rebound from lows of $9,900 that were set on multiple occasions throughout the past couple of weeks.
The buying pressure between this level and $10,000 was rather significant, as it was defended on multiple occasions by buyers keen on maintaining BTC’s mid-term market structure.
It now appears that the crypto is poised to see further upside in the near-term, which could be perpetuated by strength in the stock market.
Some believe that the stock market’s recent plunge was the impetus of Bitcoin’s decline from recent highs of $12,400. Macro uncertainty, coupled with the lack of buying pressure above $12,000, does seem to have contributed to this weakness.
However, the equities market is currently recovering from this recent decline, which may bolster BTC in the near-term.
One analyst is noting that he is continuing to watch the global markets for insight into where Bitcoin may trend next. He does believe that the recent dips below $10,000 may simply be “bullish retests.”
Bitcoin Shows Signs of Strength as Stock Market Rebounds
At the time of writing, Bitcoin is trading up over 2% at its current price of $10,500. This marks a notable recovery from its recent sub-$10,000 lows that were set on multiple occasions throughout the past