Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K

View.Bitcoin defended key support around $9,600 on Sunday with a doji candle, stalling the price pullback and putting the market into neutral.

A break above Sunday's high of $10,051 is needed to revive the short-term bullish view.

On the downside, Sunday's low of $9,958 is now the level to beat for the bears.

Bitcoin's price pullback looks to have stalled with the bears losing steam near former hurdle-turned-support on Sunday.

The number one cryptocurrency by market cap ran into offers over the weekend, having faced multiple rejections near $10,500 on Feb. 12-13.Notably, the cryptocurrency fell nearly 4.5 percent on Sunday - its biggest single-day decline since Nov. 24 - with sellers driving prices as far as support at $9,615 - a higher high created on Feb. 3.

Bitcoin went on to close Sunday on a flat note above $9,900, forming a doji candle on the daily chart - a sign of hesitation from the bears near the price support.

While Sunday's doji candle has weakened the case for a deeper pullback, a bull revival is still not confirmed.

The cryptocurrency is currently trading around $9,730 on Bitstamp and its global average price, as calculated by CoinDesk's Bitcoin Price Index, is seen at $9,750.

The immediate outlook would turn bullish if prices rise above $10,051, possibly causing more buyers to join the market and yielding a re-test of the recent high of $10,500.

If Sunday's low of $9,598 is breached, it would mean the period of indecision, as represented by the doji candle, has ended with victory for the bears.