Just when it seemed the crypto market was about to witness another significant Bitcoin dip, the leading cryptocurrency made a sharp bullish reversal in the hours leading up to press time, climbing back above $10,000 in search of a new support level.
Putting the latest dip into context, however, Bitcoin spent only less than seven hours trading below $10,000, renewing hopes that the 2019 bull market may not be over yet.
At the time of writing, Bitcoin’s price value of $10,375 meant that it has gained over 1.50% in the last 24 hours, with the cryptocurrency’s market cap reclaiming $185 billion.
Apparently, the next few hours will be decisive for Bitcoin with traders who short the cryptocurrency following the drop from $11,200 to $10,200 likely to swap their positions in favor of a bullish move.
Before that happens, though, the king crypto needs to sustain the latest resurgence to convince onlookers that the move is not a bull trap or but a genuine attempt to retarget levels that it traded at within the past week.
Moving off the market, a significant development that likely influenced Bitcoin’s decline in the past few days was the U.S Securities and Exchanges Commission (SEC) decision to delay decision-making on three proposals seeking to introduce a Bitcoin exchange-traded fund for U.S investors.
However, it seems that the market has recovered from that downtrend with renewed optimism that the SEC will approve one of the proposals from Bitwise Asset Management, possibly leading the uptrend.