After incurring a significant influx of volatility earlier this week, Bitcoin (BTC) has been able to gain some tempered upwards momentum as its buyers attempt to push it up towards its near-term resistance that exists at $7,800.
This momentum comes about as buyers grow aggressive at BTC’s near-term support levels, which one analyst believes is a bullish sign that signals it may see further upside in the near-term.
Bitcoin Moves Towards $7,800 Resistance as Analysts Eye Further Gains
At the time of writing, Bitcoin is trading up marginally at its current price of $7,630, which marks a notable climb from its recent lows of just over $7,200 that were set early this past week just prior to its rapid surge up to $7,800 – where it met significant resistance that led it to plummet lower.
This movement confirmed $7,800 as a strong level of resistance for the cryptocurrency, but its recent climb up towards this level likely signals that it will soon test this resistance.
Assuming that Bitcoin does break above the resistance it faces at this price region, it will likely also face some further selling pressure at $8,000, with a break above this level opening the gates for significantly further upside.
Cantering Clark, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that it is imperative for BTC to hold above its near-term support level at roughly $7,400 in order for it to see further near-term gains.
“Holding here is going to be pretty important. Otherwise it has the potential to just be a LH and bulls can get back to the pre-amnesia state of realizing and accepting HTF market structure breaks are often retested,” he noted while pointing to the chart seen below.
Holding here is going to be pretty important.
Otherwise it has the potential to just be a LH and bulls can get back to the pre-amnesia state of realizing and accepting HTF market structure breaks are often retested.$BTC pic.twitter.com/DqQrYR3UzF
— Cantering Clark (@CanteringClark) December 8, 2019
Will Aggressive Buyers Push BTC Higher?
One interesting trend that investors should be aware of is the fact that buyers at BTC’s near-term support levels are growing incredibly strong.
Cantering Clark also spoke about this, noting that the rapid increase in buy orders at Bitcoin’s near-term support levels signals that buyers feel a sense of urgency to defend these levels.
“What is interesting is the amount of initiative aggressive buyers we have that step in lately right at support, not just passive. Plenty of imbalances right at support. Almost like buyers feel a real sense of urgency,” he explained.
What is interesting is the amount of initiative aggressive buyers we have that step in lately right at support, not just passive.
Plenty of imbalances right at support. Almost like buyers feel a real sense of urgency.$BTC pic.twitter.com/bq7o4KF9La
— Cantering Clark (@CanteringClark) December 8, 2019
It will likely soon grow clear as to whether or not this bourgeoning buying pressure will be enough to send BTC surging past the resistance that lies directly above it.
Featured image from Shutterstock.
