After incurring a sharp sell-off last night, Bitcoin\u2019s bulls stepped up to the plate and were able to propel the crypto back into the lower-$8,000 region. This latest bout of volatility further confirms the notion that the upper-$7,000 region is a bastion of support for BTC.<\/p>\n
Importantly, this price action also allowed the cryptocurrency to form a bullish formation that typically precedes long-term bottoms, although it is critical that BTC extends its upwards momentum in the near-term in order for this notion to be confirmed.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up roughly 1% at its current price<\/a> of $8,150, which marks a notable recovery from its daily lows of $7,800 that were set during the fleeting sell-off experienced by the aggregated crypto markets overnight.<\/p>\n Bitcoin\u2019s sharp overnight sell-off that sent it down towards $7,800 was met with a sharp influx of buying pressure that has sparked what appears to be a short-term uptrend, as Bitcoin has now been able to begin climbing back towards fresh-multi-day highs.<\/p>\n In the near-term, how BTC responds to the mid-to-upper $8,000 region will be critical in determining whether or not the crypto will soon be able to reclaim its position within the five figures, or if it will face further consolidation around its current prices.<\/p>\n Chonis Trading, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC formed a bullish tweezer bottom overnight that could ultimately prove to be a sign of trend reversal, assuming that bulls are able to extend the crypto\u2019s current upwards momentum.<\/p>\n \u201c$BTC – nice way to start the week #bitcoin … Retest last weeks lows and break it by $10 bucks, retouch MA100 and tweezer bounce… let\u2019s see if she can build off this momentum,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – nice way to start the week #bitcoin<\/a> … — BIG Chonis (@BigChonis) September 30, 2019<\/a><\/p><\/blockquote>\nBTC Forms Bullish Tweezer Bottom<\/strong>\u00a0<\/strong><\/h2>\n
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Retest last weeks lows and break it by $10bucks , retouch MA100 and tweezer bounce… let\u2019s see if she can build off this momentum… pic.twitter.com\/SbRjuRlqwc<\/a><\/p>\n