Bitcoin appears increasingly bearish in the short-term, following a heavy technical rejection from just below the $10,500 resistance level. The BTCUSD pair has an increased correlation with the S&P 500 index and remains vulnerable to dropping below the $10,000 level if the S&P 500 declines today. To the upside, a breakout above the $10,500 level exposes further upside towards the $10,700 area.
The BTCUSD pair is only bullish while trading above the $10,500 level, key resistance is found at the $10,700 and the $11,100 levels.
If the BTCUSD pair trades below the $10,500 level, sellers may test the $10,000 and $9,800 levels.
