Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum
After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.
Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.
Bitcoin Bounces from Daily Lows as Bulls Ardently Defend $9,000
At the time of writing Bitcoin is trading up just under 2% at its current price of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC’s price had been hovering for the past couple of days.
It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.
Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.
In the near-term, BTC’s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:
“$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.”
3 Reasons Why Bitcoin’s Rally to $8,500 May Soon End
Tuesday January 14, 2020
Bitcoin (BTC) has absolutely ripped higher over the past few hours. Since the daily candle closed at 23:59 (UTC) on Monday, the leading cryptocurrency has seen buyers decisively step in, pushing BTC 6% higher...
The post 3 Reasons Why Bitcoin’s Rally to $8,500 May Soon End appeared first on 12bitplay - Bitcoin Play.
$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support pic.twitter.com/HkNuzeELYZ
— Big Cheds (@BigCheds) October 31, 2019
Tom Lee Calls For 100% Bitcoin Returns On Heels of Election, Halving, More
Wednesday January 15, 2020
Fundstrat’s Managing Partner and the Head of Research Tom Lee – an outspoken Bitcoin bull – has been mum on the cryptocurrency market for much of the last year. However, Lee has finally started...
The post Tom Lee Calls For 100% Bitcoin Returns On Heels of Election, Halving, More appeared first on 12bitplay - Bitcoin Play.
BTC Bulls Defend Against Significant Selling Pressure
Bitcoin’s bulls have been showing some weakness ever since Bitcoin peaked around $10,600 during its recently rally, which was closely followed by a drop to its current price levels.
Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that bulls may be stronger than they seem, however, as this latest movement up came about in the face of significant selling pressure.
“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000. At least short term. Nice bounce from $BTC to tap $9400,” he explained.
Bitcoin Forming Double Top And It’s Vulnerable Below $8,500
Thursday January 16, 2020
Bitcoin struggled to break the $8,900 resistance on two occasions against the US Dollar. BTC price is showing a few bearish signs and it seems like it could decline towards $8,300 or $8,200. Bitcoin...
The post Bitcoin Forming Double Top And It’s Vulnerable Below $8,500 appeared first on 12bitplay - Bitcoin Play.
Aggressive selling being held up by the heavier hand was showing the bigger player didn't want price to drop from $9000
At least short term
Nice bounce from $BTC to tap $9400 https://t.co/5ZhUYDwaO9
— Josh Rager (@Josh_Rager) October 31, 2019
If bulls are able to extend this momentum in the near-term, it may be emblematic of the possibility that significantly further gains are in store for the cryptocurrency in the coming days and weeks.
Featured image from Shutterstock
The post Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum appeared first on NewsBTC.