$10K on Hold As Bitcoin Sees Price Pullback

The 6.8 percent drop from the intraday highs signals bullish exhaustion near the gradually ascending 200-day moving average at $9,835.

The 4-hour chart below shows scope for a deeper pullback ahead. 4-hour chart.

The indicated bearish engulfing candle also suggests bullish exhaustion.

The relative strength index index has dipped below the double top neckline support, signaling that BTC will likely find acceptance below the ascending trendline support and drop toward the 50-day MA, currently located at $8,654.

Only a close below the ascending 10-day MA would signal short-term bullish invalidation.

The above chart shows the 5-day MA and 10-day MA are trending north, also indicating a short-term bullish setup.

Bitcoin witnessed a convincing break above the long-term descending trendline on April 20 and is currently trading well above the trendline support.

The long-run outlook as indicated by a number of factors remains bullish.

View Bitcoin remains on the hunt for a bullish break above the $10,000 mark.

Only a close below the ascending 10-day MA at $8,671 would abort the short-term bullish view.