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After hovering around the $8,000 region for an extended period of time, Bitcoin has been able to garner some hints of bullishness as its buyers have pushed its price up over 3%. This latest surge further confirms the upper-$7,000 region as a strong level of support for BTC.
Analysts are noting that today’s surge pushed BTC past multiple key technical levels that had previously been suppressing its price, which may mean that it is positioned for significantly further gains in the near-term.
Bitcoin Surges Over 3% as Bulls Respond to Recent Dip Below $8,000
At the time of writing, Bitcoin is trading up over 3% at its current price of just under $8,300, and this surge has come about just days after the crypto dipped below $8,000 into a region that appears to be full of significant buying pressure.
Although BTC has failed to incur any significant trend in either direction for the past several weeks, its recent bout of consolidation has proven to be a positive thing for many major altcoins, with XRP and others posting large gains over the past couple of weeks.
Although it remains unclear as to whether or not Bitcoin’s latest surge upwards points to any underlying bullishness for the cryptocurrency, analysts are noting that it may be positioned for further gains if it holds above $8,000 in the near-term.
HornHairs, a popular crypto analyst on Twitter, spoke about this in a recent tweet, noting that he will be looking to enter fresh long positions around $8,100.
“Almost time…Bullish as long as we stay above the breaker. I’ll be hunting longs this week from $8-8.1k. $BTC #Bitcoin,” he explained.
Almost time…
Bullish as long as we stay above the breaker. I'll be hunting longs this week from $8-8.1k. $BTC #Bitcoin pic.twitter.com/4R0yl5XFWS
— HornHairs ? (@CryptoHornHairs) October 21, 2019
Analyst: BTC Incurs Strengthening Technical Formations
Supporting HornHair’s analysis of Bitcoin is Josh Olszewicz – another popular crypto analyst – who recently offered a bullish analysis of the cryptocurrency, pointing to multiple key technical levels that it was able to decisively break above.
“4h $BTC – bull div held – range lows held – back above bband midline (20SMA),” he explained in a tweet.
4h $BTC
– bull div held
– range lows held
– back above bband midline (20SMA) pic.twitter.com/oXO8ew1Q4O— Josh Olszewicz (@CarpeNoctom) October 21, 2019
The coming few hours and days will likely further elucidate Bitcoin’s mid-term trend, as it may incur further bullishness in the near-term if it is able to hold above the aforementioned technical levels.
Featured image from Shutterstock.
