Bitcoin Defends Price Support, But Bear Case Still Intact

Bitcoin (BTC) has bounced from key price support, but the outlook remains bearish as long as prices hold below Thursday’s high of $10,445.

The leading cryptocurrency by the market value found takers near the widely followed 100-day moving average (MA) at $9,700 earlier today, but at time of writing had regained ground to around $10,060, according to Bitstamp data.

Sellers had managed to breach the 100-day MA in the early European trading hours on Thursday, but the breakdown was short-lived and BTC ended the day with 2.78 percent gains at $10,301.

In technical terms, the cryptocurrency created a long-tailed hammer candle on Thursday, implying seller exhaustion near the 100-day MA.

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