Bitcoin is pressing higher after a $300-400 correction on Sunday morning. The leading cryptocurrency currently trades at $10,400 as of this article’s writing, around $200 from the lows.

This comes after the leading cryptocurrency printed a pivotal weekly candle close above $10,000. $10,000 has long acted as an important horizontal level for Bitcoin, having marked three separate highs over the past year.

Analysts think that Bitcoin’s ongoing rally may have legs despite it being so nascent and relatively small.

One sign that this is the case is the price action of altcoins.

Many altcoins, especially those in the DeFi space, are breaking out and surmounting the highs they posted before Sunday’s drop. This suggests that buyers have re-entered the market, seemingly in response to strength in legacy markets.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

Why Bitcoin Is Primed to Press Higher

One reason why Bitcoin is primed to move higher is due to positive trends in the derivatives market. One trader recently shared the chart below after the…

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