Following a failed attempt to test the important $10,000 barrier, bitcoin shows some signs of a minor correction. However, the downside risks remain limited as long as the price clings to $9,000 and holds mainly above the 100-DMA around $8,900.
The bulls have retreated recently as the BTC/USD pair needs additional impetus to make a clear break above the mentioned psychological resistance. Corrective signals in the short-term charts look quite natural, but they don’t negate the possibility of another bull run from lower, more attractive levels down the road.
In the nearest future, bitcoin may struggle to hold above $,9000, which means the 100-DMA could be tested again. Should we see a deeper bearish correction from the current levels, it is important to preserve the key local support at $8,600. In the bigger picture, the cryptocurrency still looks bullish, and the chance for climbing above $10,000 remains.