Bitcoin Looking to recover to $10,000. Will it and Can it Hold?

After a promising start to the week, it’s been downhill for Bitcoin since hitting Tuesday’s $11,780 high, with Bitcoin down 7.3% from Monday’s open through to Thursday’s end of day $9,671.07.

Appetite seems to have waned as the week progressed, with Bitcoin’s market cap falling from Saturday’s $187.66bn to $169.22bn this morning.

A lack of good or bad news has left the cryptomarket lacking direction through the week, with the only major news having been Litecoin’s hard fork last Sunday and news from the South Korean government of its intention to play a supportive role to legitimate exchanges.

Bitcoin’s declines may have been less severe than some of the other majors, but a fall back to sub-$10,000 levels continues to raise questions on what’s next for the cryptomarket and the anticipated penetration that true cryptocurrencies will have in the battle against fiat money.

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At the time of writing, Bitcoin was up 0.38% to $9,881, with Bitcoin having recovered from an intraday low $9,600 hit in the early the early hours of this morning.

The Cboe Bitcoin futures March contract has certainly not helped the cause, with a $235 fall to $9,780 this morning that will test any attempts at breaking back through to $10,000 levels this morning.

With Bitcoin’s first major resistance level sitting at $10,611 and its 23.8% FIB Retracement level sitting at $10,115, Bitcoin will likely face plenty of resistance at $10,000, with a move through to $10,200 needed to avoid any pull back to sub-$10,000 levels.

A failure to move back to $10,000 could see Bitcoin fall back towards today’s intraday low $9,600 and possibly test its first major support level of $9,335 should sentiment not improve through the middle part of the day.

As things stand, it’s looking a little more bullish for Bitcoin, though as we have seen throughout the week, any rallies have been cut short and more of the same will likely be seen ahead of the weekend.

Elsewhere, Ethereum was one of the leaders amongst the majors this morning, up 5.06% to $846.78, as Bitcoin trailed the pack this morning.

With the markets in limbo this week, with the bearish trends weighing on investor appetite, some good news is going to be needed to resuscitate the markets and give investors hope that there can be a return to the record highs seen in December and early January.

Bitcoin at $20,000 looks off the table for now and with Bitcoin generally being the barometer for investors, lacklustre moves are unlikely to draw in investor money that has walked out the door.

A sustained weekend rally would be just the tonic, with the cryptomarket in dire need of a reboot, after the latest recovery failed to touch $12,000 and ultimately led to a pullback to current levels.

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