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After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.
Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.
Bitcoin Bounces from Daily Lows as Bulls Ardently Defend $9,000
At the time of writing Bitcoin is trading up just under 2% at its current price of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC’s price had been hovering for the past couple of days.
It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.
Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.
In the near-term, BTC’s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:
“$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.”
$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support pic.twitter.com/HkNuzeELYZ
— Cheds (Trading Quotes) (@BigCheds) October 31, 2019
BTC Bulls Defend Against Significant Selling Pressure
Bitcoin’s bulls have been showing some weakness ever since Bitcoin peaked around $10,600 during its recently rally, which was closely followed by a drop to its current price levels.
Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that bulls may be stronger than they seem, however, as this latest movement up came about in the face of significant selling pressure.
“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000. At least short term. Nice bounce from $BTC to tap $9400,” he explained.
https://twitter.com/josh_rager/status/1189885575429529603?s=21
If bulls are able to extend this momentum in the near-term, it may be emblematic of the possibility that significantly further gains are in store for the cryptocurrency in the coming days and weeks.
Featured image from Shutterstock
