Bitcoin Holds Firm Above $10K But For How long

Essentially, bitcoin is trapped in the narrow range of $10,000 to $10,500.

A range breakdown would imply a continuation of the retreat from highs above $12,400 and yield a deeper sell-off.

"If $10,000 is breached, the cryptocurrency could drop to $8,100," crypto trader and analyst Josh Olszewicz tweeted earlier this week.

Alternatively, a move above $10,500 would signal an end of the price pullback and continuation of the broader uptrend.