Since Bitcoin (BTC) made its large upwards swing last Friday, it has been able to hold steady above its support level at $3,550, bouncing back into the $3,600 range each time this price level is touched. Importantly, its ability to hold above this price level signals that the cryptocurrency\u2019s bulls are not yet ready to surrender its recent gains to the bears.<\/p>\n
Now, multiple analysts concur that Bitcoin could soon see increased bullish momentum if it is able to continue holding decisively over its key support levels.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price of $3,630. Bitcoin has only dipped into the upper $3,500 region on a few occasions, and each time formed long downwards wicks, which signals that relatively large buying pressure exists in this region.<\/p>\n Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about BTC\u2019s ability to hold above this price level in a recent tweet, further adding that the cryptocurrency\u2019s stability has allowed other cryptos to make bigger price moves.<\/p>\n \u201c$BTC – lower bb support has shown strong after several attempts to close below as the 4hr bb\u2019s tighten up, still wide on higher time frames… $3550\u2019s has been tested 3 times in the past day and held… #bitcoin ranging alowing [sic] alts bigger % moves,\u201d Chonis explained.<\/p><\/blockquote>\n $BTC<\/a> – lower bb support has shown strong after several attempts to close below as the 4hr bb\u2019s tighten up, still wide on higher time frames … $3550\u2019s has been tested 3 times in the past day and held…#bitcoin<\/a> ranging alowing alts bigger % moves… pic.twitter.com\/74yPZQ7h9s<\/a><\/p>\n — BIG Chonis (@BigChonis) February 13, 2019<\/a><\/p><\/blockquote>\n\n