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After incurring a sharp sell-off last night, Bitcoin’s bulls stepped up to the plate and were able to propel the crypto back into the lower-$8,000 region. This latest bout of volatility further confirms the notion that the upper-$7,000 region is a bastion of support for BTC.
Importantly, this price action also allowed the cryptocurrency to form a bullish formation that typically precedes long-term bottoms, although it is critical that BTC extends its upwards momentum in the near-term in order for this notion to be confirmed.
Bitcoin Pushes Back Above $8,000 After Brief Drop Towards $7,800
At the time of writing, Bitcoin is trading up roughly 1% at its current price of $8,150, which marks a notable recovery from its daily lows of $7,800 that were set during the fleeting sell-off experienced by the aggregated crypto markets overnight.
Bitcoin’s sharp overnight sell-off that sent it down towards $7,800 was met with a sharp influx of buying pressure that has sparked what appears to be a short-term uptrend, as Bitcoin has now been able to begin climbing back towards fresh-multi-day highs.
In the near-term, how BTC responds to the mid-to-upper $8,000 region will be critical in determining whether or not the crypto will soon be able to reclaim its position within the five figures, or if it will face further consolidation around its current prices.
BTC Forms Bullish Tweezer Bottom
Chonis Trading, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC formed a bullish tweezer bottom overnight that could ultimately prove to be a sign of trend reversal, assuming that bulls are able to extend the crypto’s current upwards momentum.
“$BTC – nice way to start the week #bitcoin … Retest last weeks lows and break it by $10 bucks, retouch MA100 and tweezer bounce… let’s see if she can build off this momentum,” he explained.
$BTC – nice way to start the week #bitcoin …
Retest last weeks lows and break it by $10bucks , retouch MA100 and tweezer bounce… let’s see if she can build off this momentum… pic.twitter.com/SbRjuRlqwc— BIG Chonis (@BigChonis) September 30, 2019
Cheds, another popular crypto analyst on Twitter, also spoke about this possibility, noting that there is still a significant amount of time left on BTC’s weekly chart until it is able to lock this bullish sign down.
“$BTC #Bitcoin – Weekly – Tweezer at lower BB would be just what the doctor ordered – However keep in mind there are still 6 days left,” he noted.
$BTC #Bitcoin – Weekly – Tweezer at lower BB would be just what the doctor ordered – However keep in mind there are still 6 days left pic.twitter.com/dCN2hdrCLg
— Cheds (Trading Quotes) (@BigCheds) September 30, 2019
The comings hours and days may elucidate the long-term importance of this recent price action, as any extension of its current upwards momentum could spark a trend reversal that sends it surging higher.
Featured image from Shutterstock.
