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Bitcoin has prolonged its bout of sideways around its key near-term support level at $8,200 and has continued showing some signs of underlying bearishness as BTC’s bulls fail to push it higher in the near-term.
Importantly, analysts are noting that Bitcoin is currently building significant support just below its current price level, which could mean that its bulls are building strength and will lead the crypto higher in the coming days and weeks.
Bitcoin Trades Flat as Bulls and Bears Remain Locked in Battle
At the time of writing, Bitcoin is trading down marginally at its current price of $8,200, which marks a slight rise from its daily lows of $8,100.
It does appear that Bitcoin is currently caught within an incredibly tight trading range between roughly $8,100 and $8,300, which is the price range that the crypto has been trading within for the past several days.
It does appear that the $8,100 region has become a critical support level for BTC in the time since it bounced from its recent lows of $7,800, with Big Cheds, a popular crypto analyst on Twitter, pointing to this support in a recent tweet, saying that wicks below it can provide ideal short-term long opportunities.
“$BTC #Bitcoin 1 hour – testing recent support on LTF – recent psuedo hammer with dip below lower BB may provide a scalp entry,” he said while pointing to the below chart.
$BTC #Bitcoin 1 hour – testing recent support on LTF – recent psuedo hammer with dip below lower BB may provide a scalp entry pic.twitter.com/uA191bungo
— Cheds (Trading Quotes) (@BigCheds) October 4, 2019
BTC Begins Building Robust Support Around Current Price Levels
This aforementioned support level appears to be incurring increased strength as of late, as buyers are beginning to move their bids up from the mid-$7,000 region into the lower-$8,000 region.
Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, noting that BTC’s volume profile appears to be pointing to the fact that it is building notable buying volume around its current price levels, despite its lack of upwards momentum.
“$BTC – clear levels I’ll continue to watch. Volume profile seems to be showing heavy support currently on the daily chart,” he said while referencing the chart seen below.
https://twitter.com/josh_rager/status/1179980823413608448?s=21
If Bitcoin continues incurring growing buying pressure at its current price levels, it is highly likely that it will soon begin climbing higher, and that $7,800 may have marked a long-term bottom.
Featured image from Shutterstock.
