Bitcoin Visits Historic Support Level That Could Bolster its Near-Term Price Action
Bitcoin (BTC) and the aggregated crypto markets have been experiencing an extended bout of consolidation that has come about shortly after the massive bull run that sent Bitcoin to highs of $10,600 before it retraced slightly to its current price levels.
Analysts are now noting that Bitcoin has reached a high-time-frame support level that could bolster its price action in the near-term, and its overnight movement to the lower-$8,000 region on CME filled an open gap and may further add to the bullish narrative that is currently unfolding amongst analysts.
Bitcoin Stable Around $9,300 Despite Overnight CME Crash
At the time of writing, Bitcoin is trading up roughly 1% at its current price of $9,370, which marks a slight climb from its daily lows of $9,200 that were set overnight after Bitcoin’s bulls lost their strength after attempting to push BTC up to $9,500.
It is important to note that $9,500 is the top of the trading range that Bitcoin is currently caught within, and this notion was further supported by BTC’s overnight price action, as this is where it found significant resistance that pushed its price back down to the middle of its current range.
Overnight, Bitcoin’s price crashed to the lower-$8,000 region on the CME, which filled a gap that was formed during the crypto’s recent rally. This drop was isolated to the CME and has led many analysts to believe that the crypto may be gearing up for further upside in the near-term.
Su Zhu, a popular figure within the crypto industry, spoke about the CME drop in a recent tweet, saying:
“$BTC dumps to 8400 on CME completely absorbed, circuit breaker was hit, likely some runaway algo.”
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$BTC dumps to 8400 on CME completely absorbed, circuit breaker was hit, likely some runaway algo pic.twitter.com/H9OnWWY8Sx
— Su Zhu (@zhusu) November 5, 2019
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BTC Currently Trading at Long-Term Support Level
Further adding to the potentially bullish narrative that was sparked by BTC filling its CME gap in the lower-$8,000 region, Bitcoin is currently trading at a high time frame support level.
HornHairs, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he remains somewhat neutral as the crypto trades just a hair above this support level.
“$BTC update: Out of this short for +3.2R. We’re at a higher time frame support level, CME gap filled meme, current lower time frame move setup looks like the liquidity draw is at the equal highs at $9350. Flat for now,” he explained.
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Out of this short for +3.2R.
We're at a higher time frame support level, CME gap filled meme, current lower time frame move setup looks like the liquidity draw is at the equal highs at $9350. Flat for now. pic.twitter.com/Abu08tTHCe
— HornHairs (@CryptoHornHairs) November 5, 2019
How Bitcoin responds to the support level it is currently trading near may offer traders and investors significant insight into which direction the markets are heading next.
Featured image from Shutterstock.
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