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Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds

Just 24 hours ago, analysts expected for Bitcoin to gun for fresh highs past $10,100. The cryptocurrency was holding $9,800-10,000, seemingly poised to press even higher than it already had.

Bears, however, had the upper hand, sending Bitcoin crashing by $2,000 within a day’s time. It was a move that liquidated $250 million worth of BitMEX positions, as reported by NewsBTC previously.
Since the move transpired, BTC has recovered slightly, now trading at $8,500, a few hundred dollars higher than the $8,100 lows. A V-shaped recovery hasn’t formed, that’s for sure.

Though a top analyst says that should Bitcoin hold a key level in the coming day, he would be inclined to suggest that the market structure remains bullish.

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