Bitcoin’s bears roared last night after the cryptocurrency plunged below its key near-term support level at $8,700, although this BTC dip was met with decent buying pressure that allowed it to once again reclaim this support level.
BTC’s recent price action can be defined as being somewhat bearish, however, as its bulls have been unable to spark any type of sustainable surge in the time since its dip below $9,000. This may soon change, as the crypto is currently nearing a confluence region that could help spark the next bull trend.
Bitcoin Struggles to Hold Above $8,700 as Bears Build Strength
At the time of writing, Bitcoin is trading down under 1% at its current price of $8,700, which marks a decent recovery from its 24-hour lows of under $8,600 that were set overnight during a sharp period of intense selling pressure that ultimately proved to be fleeting.
Shortly after this movement, Bitcoin’s bulls attempted to push the crypto higher, sending it to highs of $8,800 before it settled back down to its current price.
This overnight volatility has confirmed that the price region directly below BTC’s current price is a strong level of support, which could point to an imminent bull movement – should bulls continue to hold the crypto above its current price level.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that he believes BTC is worth a “punt” at its current price level.
“3D view. I’ve been eyeing this spot for a couple weeks now, first $BTC trade in awhile, I think it’s worth a punt,” he explained in a recent tweet.
3D view. I've been eyeing this spot for a couple weeks now, first $BTC trade in awhile, I think it's worth a punt. pic.twitter.com/2EXHMvXX5u
— The Crypto Dog📈 (@TheCryptoDog) November 15, 2019
BTC Confluence Level Could Support Bullish Narrative
Adding to the tempered bullishness currently being expressed by analysts like The Crypto Dog, Mitoshi Kaku, another popular cryptocurrency analyst on Twitter, recently explained that the Bitcoin is now nearing a confluence region that could help spark the next sustained uptrend.
“Major confluence coming for $BTC in terms of dates, and walking along that 45 angle too. (Early Bullish Signal, in terms of trends). With matching cycle pivots on the 1W/1M. Time to pay attention,” he explained in a recent tweet while pointing to the chart seen below.
Major confluence coming for $BTC in terms of dates, and walking along that 45 angle too. (Early Bullish Signal, in terms of trends). With matching cycle pivots on the 1W/1M. Time to pay attention!🧐 #CryptoIkagi pic.twitter.com/uwNwbwvwb4
— Mitoshi Kaku 👨🏻🚀 (@CryptoSays) November 15, 2019
The coming few days may elucidate where Bitcoin’s price will trend as the year begins to come to a close, as any break below its near-term support could spark a large sell-off and future downtrend.
Featured image from Shutterstock.
