“There was no clear break below that support, not to mention that price rejected the lower trendline of the ascending channel. At the moment Bitcoin is still bullish and after some consolidation the uptrend is likely to continue. If BTC/USD manages to break above the $10k with confidence, the next target is seen between $18-19k,” according to FXStreet.
Related: Futures Played a Part in Bitcoin’s Tumble
There are still some downside risks to consider.
“Nevertheless, the downside risk remains and Bitcoin could go more down, but only if there will be a daily close below $8980. In that case next support is seen at $7850, which is 61.8% Fibonacci retracement level,” notes FXStreet.
For more information on the cryptocurrency, visit our Bitcoin category.