Bitcoin has found some stability within the mid-$10,000 region over the past couple of days after incurring significant volatility earlier this week. This stability marks a bout of consolidation that comes shortly after BTC’s massive surge from the lower-$9,000 region to highs of roughly $10,800, which is where it faced some levels of resistance.Although the crypto has been in a firm short-term uptrend, it is important to note that analysts are now expressing caution when it comes to BTC and are noting that its bulls may be losing steam.Bitcoin Stabilizes Around $10,600 At the time of writing, Bitcoin is trading up marginally at its current price of $10,560, which marks a slight retrace from its recent highs of $10,800 that were set yesterday.It is important to note that the cryptocurrency is currently up significantly from its recent lows of $9,400 that were set last week, and that the lower-$9,000 region is a strong level of support for the cryptocurrency that has held strong on multiple occasions over the past several weeks.The $10,000 region is undoubtedly a pivotal point for Bitcoin, as any decisive break above this region will mark a bullish trend shift, while a sustained break below it will mark the start of a bear trend.The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a break below $10,300 could lead bulls to lose the strength that they recently gained.“$BTC: 1hr Sym triangle. If bears push down from this and take 10.3k, then I feel bulls could lose a lot of ground they covered earlier on the week,” she explained in a recent tweet.$Btc1hr Sym triangleIf bears push down from this and take 10.3k, then I feel bulls could lose a lot of ground they covered earlier on the weekTrade safe loveys pic.twitter.com/JGhTH5oxMh— The Cryptomist (@TheCryptomist) September 5, 2019Analyst: Lower-$10,000 Region an Attractive Buying AreaAlthough The Cryptomist believes that a break below $10,300 could spell trouble for Bitcoin’s bulls, it is important to note that Luke Martin, another popular crypto analyst on Twitter, explained in a recent tweet that he believes the lower $10,000 region would be a “attractive” place to buy BTC.“Now that everyone’s bullish $BTC again after the pump from 9800 range low…I would like to see a dump down to 10.1/10.2k zone. That area is attractive again. The other attractive scenario for longs would be price closing *above* 10.9k,” he explained.Now that everyone’s bullish $BTC again after the pump from 9800 range low…I would like to see a dump down to 10.1/10.2k zone.That area is attractive again.The other attractive scenario for longs would be price closing *above* 10.9k. pic.twitter.com/4OYG46T1L8— Luke Martin (@VentureCoinist) September 5, 2019As the week drags on and Bitcoin continues to consolidate around the mid-$10,000 region, it is highly probable that the cryptocurrency’s near-term trend will soon grow increasingly clear.Featured image from Shutterstock.The post appeared first on NewsBTC
