Down But Not Out: Bitcoin Remains on Hunt for $10K

Bitcoin (BTC) is reporting losses today, having failed to beat the key moving average resistance on Monday, however, the technical charts continue to favor a rally to $10,000.

Bitcoin ran into bids in early European hours yesterday, rising to a four-day high of $9,885, adding credence to Sunday's bullish "outside day" candle. Further, BTC also witnessed a bull flag breakout (a bullish continuation pattern) on the hourly chart.

However, the bulls ran out of steam near the 50-day moving average (MA) resistance of $9,920 in the early U.S. hours.

As of writing, bitcoin is trading at $9,297, according to CoinDesk's Bitcoin Price Index (BPI). The cryptocurrency has depreciated by 4.59 percent in the last 24 hours, as per data source .

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