Bitcoin\u2019s bulls and bears have been locked in a fierce battle over the past few days, with buyers attempting to push BTC firmly into the five-figure price region, while sellers have been attempting to push the cryptocurrency below the key psychological price region of $10,000.<\/p>\n
This price action has made it significantly unclear as to which direction BTC will trend in the near-term, but one striking statistic about the crypto\u2019s fundamental strength may signal that bulls currently have an edge over bears.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up nominally at its current price<\/a> of $10,040, which is up slightly from its daily lows of $9,900 that were set yesterday but is still trading below its 24-hour highs of over $10,100.<\/p>\n This price action is emblematic of the new trading range that Bitcoin has found itself caught within, and the lack of any major momentum in one direction or another has led to a division amongst analysts, with some targeting BTC\u2019s 2019 highs of $13,800, while others believe it will revisit $8,800.<\/p>\n Importantly, Bitcoin has been holding above a key trend line for the past several days that could allow it to climb significantly higher in the near-future.<\/p>\n Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about this trend line in a recent tweet, concisely noting that Bitcoin is \u201choldin the line.\u201d<\/p>\n $BTC<\/a> – holdin the line #bitcoin<\/a> pic.twitter.com\/rVWUuDEI6i<\/a><\/p>\n — BIG Chonis (@BigChonis) August 1, 2019<\/a><\/p><\/blockquote>\n\n