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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why a Visit to This Key Bitcoin Support Level Could Spark a Major Rally

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin has been hovering within the lower-$8,000 region for the past day, struggling to gain any significant momentum as the resistance between its current price and $8,400 continues to absorb the majority of BTC’s buying pressure.

Analysts are noting that Bitcoin may have to drop to a critical support level before it can muster up enough buying pressure to spark the next sustainable rally, which could lead the cryptocurrency to set fresh multi-month highs.

Bitcoin Struggles to Gain Momentum as Analysts Anticipate Near-Term Downside

At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,160, marking only a slight climb from its daily lows of just over $8,000.

$8,000 appears to be a key psychological price level for the cryptocurrency in the near-term, as it becomes support each time BTC is trading above it, and resistance when it is below.

It is important to note that Bitcoin is currently stuck beneath a descending resistance line that was established earlier this week when it ran to highs of $8,400, and it is currently in the process of posting its fourth rejection at this line – assuming bulls aren’t able to generate any significant buying pressure in the coming few hours.

UB, a popular crypto analyst on Twitter, mused the short-term impacts of this resistance in a recent tweet, explaining that he believes it means Bitcoin is in for an imminent test of $8,000.

“$BTC – I’m short here half size until the Diagonal Resistance is broken. It’s hard to ignore the Lower Highs and overall weak follow through. Lose $7880 and I have my eyes on a sweep of the lows at $7700s. I may close early depending on the reaction at $8k,” he explained.

$BTC – I'm short here half size until the Diagonal Resistance is broken.

It's hard to ignore the Lower Highs and overall weak follow through.

Lose $7880 and I have my eyes on a sweep of the lows at $7700s.

I may close early depending on the reaction at $8k. #Bitcoin pic.twitter.com/raoHJ5yaGh

— UB (@CryptoUB) January 11, 2020

Will a Dip to $7,900 Help Catalyze the Next Major Rally?

Although a dip below $8,000 appears to be overtly bearish, CryptoBirb, another popular analyst, is noting that Bitcoin could require a visit to the lower boundary of the bullish pennant it is currently trading within at $7,900 before it can garner enough strength to surge higher.

low timeframe $btc map pic.twitter.com/W9rhA99dvm

— Adrian Zduńczyk, CMT (@crypto_birb) January 11, 2020

Assuming that the “low timeframe map” referenced above proves to be accurate, the next visit to $7,900 could spark a major upwards movement that allows Bitcoin to climb towards its trendline breakout target at just below $8,500.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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