Bitcoin’s price has been slowly inching higher after briefly visiting its range lows around $9,000 this past weekend, but in order for bulls to maintain their growing strength, it is imperative that they push BTC past its range high resistance level at $9,500.
Analysts are now noting that the bull case for Bitcoin may be growing stronger, as the crypto has begun finding strong support at a key technical level and has been incurring increasing on-chain volume – factors that could help push the crypto higher in the near-term.
Bitcoin Inches Higher as Trading Volume Climbs
At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,375, which marks a slight climb from its daily lows of just under $9,300.
Bitcoin’s slow and steady climb over the past few days was first sparked when BTC fell towards $9,100 this past weekend, and it has been slowly climbing back towards its range highs at $9,500 in the time since.
How Bitcoin responds to its range highs in the near $9,500 in the near-term will offer investors and analysts alike significant insight into which direction the cryptocurrency will trend in the near-term, as a failure to decisively break above this level could spell trouble for which direction it trends in the near-term.
One factor that could aid Bitcoin’s bulls is the fact that the crypto has seen increasing trading volume over the past 24-hours despite there not being any major shift in price, which could mean that a big movement in imminent.
“24H #BTC Network Stats: Price: $9354.9 (+0.8%). $BTC On-Chain Volume: $8B (+38.2%). Active Senders: 523K (+6.6%). Active Recipients: 563K (+2.5%),” TokenAnalyst explained in a recent tweet, explaining that BTC’s 24-hour trading volume has climbed nearly 40%.
? 24H #BTC Network Stats:
? Price: $9354.9 (+0.8%)
? $BTC On-Chain Volume: $8B (+38.2%)
? Active Senders: 523K (+6.6%)
? Active Recipients: 563K (+2.5%)Visit https://t.co/u90eafzR5J for more info
— TokenAnalyst (@thetokenanalyst) November 6, 2019
BTC Holds Above Key Technical Level; Further Gains May Be Inbound
Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC has been holding above a key technical level for the past several days, which may bolster its price action in the coming days and weeks as the bullish undercurrent grows stronger.
“$BTC #Bitcoin Daily – Seems to be establishing EMA 8 uptrend support,” he explained while pointing to the chart seen below.
$BTC #Bitcoin Daily – Seems to be establishing EMA 8 uptrend support pic.twitter.com/B1SQYHgN62
— Cheds (@BigCheds) November 6, 2019
The coming few days will likely illuminate Bitcoin’s mid-term trend, as how it reacts to its current support and resistance levels will set the tone for which direction it moves in the coming days and weeks.
Featured image from Shutterstock.
