Bitcoin has seen weak price action since reaching the highs of $12,500 in late August. At the start of the month, the leading cryptocurrency slipped from the year-to-date highs to a low of $9,800 as it corrected in tandem with legacy markets.
Fortunately for bulls, analysis by a number of traders has indicated that BTC is currently trading above pivotal support levels. This adds to the bullish on-chain and fundamental case laid out by a number of researchers in the space.
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Bitcoin Holds Pivotal Macro Level
Bitcoin underwent a strong rejection at the $12,500 highs in August and earlier this month, but the cryptocurrency remains on decent footing from a macro perspective.
The first level BTC held is the macro resistance level from the $20,000 highs that also marked the highs in mid-2019 and earlier this year. The second level Bitcoin held is the support from the 2018 lows.
Bitcoin managing to hold these two levels bodes well for the bull case.
Chart of BTC's price action over the past few years with analysis by crypto trader CryptoHamster (@Cryptohamsterio on Twitter). Chart from TradingView.com
In a similar vein to the analysis above, one trader recently noted that Bitcoin closed the monthly candle above a long-term support level.
The level is $10,500, where the cryptocurrency topped on a monthly scale in 2019 and where it found an intra-month top in February. Bitcoin managing to close above that level is bullish, analysts say.
Chart of BTC's price action since the start of 2017 with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Chart from TradingView.com
Photo by Jackson Eaves on Unsplash Price tags: btcusd, btcusdt, xbtusd CHarts from TradingView.com Bitcoin Is Holding a Support That Stretches Back to 2018's Lows