Overnight, the bitcoin price recovered beyond $10,000, achieving $10,172 at the day’s highest point against the U.S. dollar. Technical analysts have said that bears and sellers in the market may be losing momentum as bitcoin nears its monthly support.
Since June, the “Real 10” volume of bitcoin has dropped by more than half to $1 billion, which may indicate a decline in sell pressure as well as overall trading activity in the global market.
Throughout the past week, bitcoin has shown signs of uncertainty as bulls have attempted to counter sell pressure that has been placed upon the market since the first large pullback of bitcoin at $14,000.
With sell pressure dropping, there are hopes that bitcoin would initiate a short term trend reversal and rebound above key resistance levels around $11,000.