Several days ago, Bitcoin incurred a massive influx of buying pressure that sent it surging past its previous resistance levels that existed around $9,000. In the time since, however, BTC\u2019s bulls have not been able to push it towards the ever-so-important $10k level, which may signal that it will face increased selling pressure in the near-term.<\/p>\n
Despite this, Bitcoin\u2019s recent bullishness has allowed it to form significant technical strength that may allow it to face several years of positive price action.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 2% at its current price<\/a> of $9,080 and is down from 24-hour highs of $9,400 that were set late-yesterday.<\/p>\n Over a one-week period, BTC surged from lows of $7,800 to highs of nearly $9,400, at which point it incurred some selling pressure that sent it reeling back to $9,000, which appears to have become a level of relative support for the cryptocurrency.<\/p>\n Through the course of Bitcoin\u2019s recent uptrend, the cryptocurrency has required time<\/a> after each upwards swing for it to consolidate while it garners greater buying strength, which may mean that BTC will face a small bout of sideways trading around its current price level before it continues climbing higher.<\/p>\n In order for further gains to be imminent, analysts are now noting that the crypto must hold above $8,950 in the near-term.<\/p>\n \u201c$BTC – $8950 tagged. I’m actually glad there was a breakdown before a move up. A potential breakdown would have been hanging over my head. Strong reaction from $8950. My areas of interest still apply. Do not want to see a 1h close below $8980,\u201d UB, a popular cryptocurrency analyst on Twitter, noted in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> – $8950 tagged \u2714<\/p>\n I'm actually glad there was a breakdown before a move up. A potential breakdown would have been hanging over my head. <\/p>\n Strong reaction from $8950. My areas of interest still apply. Do not want to see a 1h close below $8980. #Bitcoin<\/a> pic.twitter.com\/PgwnefY0h2<\/a><\/p>\n — UB (@CryptoUB) June 18, 2019<\/a><\/p><\/blockquote>\n\n