Bitcoin Nears Key Support Level as Bulls Falter
At the time of writing, Bitcoin is trading down over 1% at its of $8,270, which marks a notable retrace from its recent highs of roughly $8,500 that were set during the recent rally that was started when the crypto plummeted to lows of $7,800.
Bitcoin’s inability to extend its upwards momentum after this fleeting surge may point to an underlying weakness, and it may incur significantly further losses in the near-term if bulls are unable to support the cryptocurrency above its current price, which appears to have become an imperative support level. Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this support level in a recent tweet, eluding to the possibility that a break below it will spark another downtrend.“$BTC bulls want to see price staying above this 8200 support zone,” Martin explained.
bulls want to see price staying above this 8200 support zone. — Luke Martin (@VentureCoinist)
If BTC Holds Support, Could a Move to $9,000 Be Imminent?
Although it does appear that Bitcoin’s bulls are relatively weak at the moment as they defend its near-term support level, it is important to note that some analysts are pointing to the possibility that it will extend its uptrend if it is able to break above $8,500, which appears to be its near-term resistance level.
Harry, another popular crypto analyst on Twitter, spoke about this bullish possibility in a recent tweet, saying:“$BTC – a very clear risk reward trade here for long’s looking to breakout $8,500 and attack $9-9.5k. Short pressure will be massive up there though.”
– a very clear risk reward trade here for long's looking to breakout $8,500 and attack $9-9.5k. Short pressure will be massive up there though x — Harry 🪝🏴☠️ (@HaraldoXRP)
The coming few hours and days will likely illuminate whether or not its support level at $8,200 will hold strong, with a break below it potentially leading BTC to cut even deeper into the gains it incurred throughout 2019.
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