Despite facing increased levels of downwards pressure earlier this week that temporarily put Bitcoin\u2019s upwards momentum in jeopardy, the cryptocurrency has been able to continue surging upwards and is now nearing the low-$8,000 region, which is the point at which BTC incurred significant selling pressure a few days ago.<\/p>\n
Now, analysts believe that Bitcoin may have more fuel in it that allows it to surge towards $10,000 in the near future, which would be a significant technical movement for the cryptocurrency.<\/p>\n
At the time of writing Bitcoin<\/a> is trading up nearly 8% at its current price of $7,915, up significantly from its 24-hour lows of $7,250.<\/p>\n Over a one-week period, BTC has incurred some choppy price action, surging from lows of $6,800 to highs of $8,300 before reeling back to below $7,000. Since dropping below $7,000, Bitcoin has been able to build greater buying pressure that has allowed it to continue its upwards ascent.<\/p>\n The recent series of upwards movements have led to a drastic shift in market sentiment, as many analysts and traders alike are currently expressing an overwhelmingly bullish sentiment regarding the aggregated crypto markets<\/a>.<\/p>\n Joseph Young, a popular figure within the cryptocurrency industry, told his nearly 100k followers that BTC\u2019s rapid recovery towards $8,000, in spite of the recent pull back, is a testament to the positive market sentiment.<\/p>\n \u201cBitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.\u201d<\/p><\/blockquote>\n Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations.<\/p>\n Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.<\/p>\n — Joseph Young (@iamjosephyoung) May 19, 2019<\/a><\/p><\/blockquote>\n\n