Bitcoin Forms Uptrend EMA Support as Case for Bulls Strengthens
Bitcoin’s price has been slowly inching higher after briefly visiting its range lows around $9,000 this past weekend, but in order for bulls to maintain their growing strength, it is imperative that they push BTC past its range high resistance level at $9,500.
Analysts are now noting that the bull case for Bitcoin may be growing stronger, as the crypto has begun finding strong support at a key technical level and has been incurring increasing on-chain volume – factors that could help push the crypto higher in the near-term.
Bitcoin Inches Higher as Trading Volume Climbs
At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,375, which marks a slight climb from its daily lows of just under $9,300.
Bitcoin’s slow and steady climb over the past few days was first sparked when BTC fell towards $9,100 this past weekend, and it has been slowly climbing back towards its range highs at $9,500 in the time since.
How Bitcoin responds to its range highs in the near $9,500 in the near-term will offer investors and analysts alike significant insight into which direction the cryptocurrency will trend in the near-term, as a failure to decisively break above this level could spell trouble for which direction it trends in the near-term.
One factor that could aid Bitcoin’s bulls is the fact that the crypto has seen increasing trading volume over the past 24-hours despite there not being any major shift in price, which could mean that a big movement in imminent.
“24H #BTC Network Stats: Price: $9354.9 (+0.8%). $BTC On-Chain Volume: $8B (+38.2%). Active Senders: 523K (+6.6%). Active Recipients: 563K (+2.5%),” TokenAnalyst explained in a recent tweet, explaining that BTC’s 24-hour trading volume has climbed nearly 40%.
📢 24H #BTC Network Stats:
💲 Price: $9354.9 (+0.8%)
💵 $BTC On-Chain Volume: $8B (+38.2%)
👈 Active Senders: 523K (+6.6%)
👉 Active Recipients: 563K (+2.5%)
Visit https://t.co/u90eafzR5J for more info
— TokenAnalyst (@thetokenanalyst) November 6, 2019
BTC Holds Above Key Technical Level; Further Gains May Be Inbound
Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC has been holding above a key technical level for the past several days, which may bolster its price action in the coming days and weeks as the bullish undercurrent grows stronger.
“$BTC #Bitcoin Daily – Seems to be establishing EMA 8 uptrend support,” he explained while pointing to the chart seen below.
— Big Cheds (@BigCheds) November 6, 2019
The coming few days will likely illuminate Bitcoin’s mid-term trend, as how it reacts to its current support and resistance levels will set the tone for which direction it moves in the coming days and weeks.