Here’s Why a Visit to This Key Bitcoin Support Level Could Spark a Major Rally
Bitcoin has been hovering within the lower-$8,000 region for the past day, struggling to gain any significant momentum as the resistance between its current price and $8,400 continues to absorb the majority of BTC’s buying pressure.
Analysts are noting that Bitcoin may have to drop to a critical support level before it can muster up enough buying pressure to spark the next sustainable rally, which could lead the cryptocurrency to set fresh multi-month highs.
Bitcoin Struggles to Gain Momentum as Analysts Anticipate Near-Term Downside
At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,160, marking only a slight climb from its daily lows of just over $8,000.
$8,000 appears to be a key psychological price level for the cryptocurrency in the near-term, as it becomes support each time BTC is trading above it, and resistance when it is below.
It is important to note that Bitcoin is currently stuck beneath a descending resistance line that was established earlier this week when it ran to highs of $8,400, and it is currently in the process of posting its fourth rejection at this line – assuming bulls aren’t able to generate any significant buying pressure in the coming few hours.
UB, a popular crypto analyst on Twitter, mused the short-term impacts of this resistance in a recent tweet, explaining that he believes it means Bitcoin is in for an imminent test of $8,000.
“$BTC – I’m short here half size until the Diagonal Resistance is broken. It’s hard to ignore the Lower Highs and overall weak follow through. Lose $7880 and I have my eyes on a sweep of the lows at $7700s. I may close early depending on the reaction at $8k,” he explained.
Bitcoin is Still in Gloomy Bearish Territory Even After a 43% Upsurge, Here’s Why
Monday January 20, 2020
Bitcoin is enjoying fresh gains at the start of 2020 as investors continue to speculate on its potential adoption against a series of geopolitical and macroeconomic letdowns. The benchmark cryptocurrency on Sunday surged beyond...
The post Bitcoin is Still in Gloomy Bearish Territory Even After a 43% Upsurge, Here’s Why appeared first on 12bitplay - Bitcoin Play.
$BTC – I'm short here half size until the Diagonal Resistance is broken.
It's hard to ignore the Lower Highs and overall weak follow through.
Lose $7880 and I have my eyes on a sweep of the lows at $7700s.
I may close early depending on the reaction at $8k. #Bitcoin pic.twitter.com/raoHJ5yaGh
— UB (@CryptoUB) January 11, 2020
If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS
Tuesday January 21, 2020
It’s a new year, and this means that last year’s calendar and tax year have come to a close, and it’s time once again to start tallying up your crypto holdings, gains, and losses,...
The post If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS appeared first on 12bitplay - Bitcoin Play.
Will a Dip to $7,900 Help Catalyze the Next Major Rally?
Although a dip below $8,000 appears to be overtly bearish, CryptoBirb, another popular analyst, is noting that Bitcoin could require a visit to the lower boundary of the bullish pennant it is currently trading within at $7,900 before it can garner enough strength to surge higher.
$75,000: Bitcoin’s Price is Set to Climb Exponentially If This Fractal Plays Out
Wednesday January 22, 2020
Bitcoin has seen some afternoon volatility today after the cryptocurrency dipped as low as $8,400 before quickly surging up towards $8,800. This dip and subsequent rise further confirms the massive amount of support that...
The post $75,000: Bitcoin’s Price is Set to Climb Exponentially If This Fractal Plays Out appeared first on 12bitplay - Bitcoin Play.
low timeframe $btc map pic.twitter.com/W9rhA99dvm
— Crypto₿irb (@crypto_birb) January 11, 2020
Assuming that the “low timeframe map” referenced above proves to be accurate, the next visit to $7,900 could spark a major upwards movement that allows Bitcoin to climb towards its trendline breakout target at just below $8,500.
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