Bitcoin Bounces at Key Support Level as Bulls Fight Back
Bitcoin and the aggregated crypto markets have posted a decently strong rally overnight after incurring a steady stream of downwards pressure that has sent BTC to fresh multi-month lows within the lower-$7,000 region.
Analysts are now noting that this latest bounce came about after the crypto visited a key long-term support level and are also noting that this latest bounce may send BTC back towards the upper-$7,000 region in the coming few hours.
Bitcoin Climbs 2% as Bulls Step Up After Long Period of Selling Pressure
At the time of writing, Bitcoin is trading up 2% at its current price of $7,650, which marks a decent surge from its recent lows of $7,350 that were set earlier this week.
Today’s surge marks the first time that bulls have shown signs of any strength ever since BTC began its downwards ascent from the lower-$8,000 region, which is where it previously found significant support that dissolved earlier this week.
In the near-term, it is probable that BTC may face some resistance around its previous support level at $8,000, which could mean that the crypto has some further room to run before its current rally slows down.
As for what sparked this Bitcoin movement, Big Cheds, a popular cryptocurrency analyst on Twitter, concisely noted in a recent tweet that it appears to be a bullish response to its recent visit to its lower Bollinger Band – which is a critical support level that bulls need to hold if they want to spark a fresh uptrend.
— Big Cheds (@BigCheds) October 25, 2019
BTC May Soon Shift Its Recent Downtrend
It is important to note that analysts are closely watching to see how Bitcoin responds to $7,750 in the near-term, as a decisive break above this level could spark an uptrend.
“$Btc: Broke out of ascending triangle here on the 4hr. Unless bitfinex decide to pump, this upward move should be temporary before further downside. Looking for turnaround 7750 region. Trade safe,” The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.
Broke out of ascending triangle here on the 4hr
Unless bitfinex decide to pump, this upward move should be temporary before further downside
looking for turnaround 7750 region
Trade safe😊 pic.twitter.com/fbjmGNhMUb
— The Cryptomist (@TheCryptomist) October 25, 2019
Although analysts do anticipate Bitcoin to be rejected at $7,750 and to continue journeying lower, if bulls garner greater strength and propel it past this level, it may shift its trend for the better.