Bitcoin facing heavy resistance following weekend rebound

Bitcoin prices are approaching five figures again following a weekend slump that threatened to send things plummeting further.

Digital asset markets saw red on Sunday with a dip to a five day low below US$270 billion [AU$387 billion] in terms of total market capitalization. By Monday morning in Asia, markets had recovered back to $277 billion as $8 billion re-entered the space in a move led by Bitcoin.

BTC has inched higher over the past 24 hours as it closes in on five figures again, but analyst confidence is waning as sentiment turns bearish.

The world’s leading digital asset has hit support levels so many times in recent weeks that analysts are now asking, how many more can it hold.

The longer the crypto coin remains range-bound, the larger the next move is likely to be.

A failure to make a new higher high above $10,500 has indicated that the long term downtrend is still intact, and a heavy slump is likely to happen.

At the time of writing, BTC was trading at $9,700, up marginally on weekend levels.

Featured image David McBee/Pexels

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