Bitcoin has further extended its bout of consolidation as it continues trading sideways around the $8,200 level, which appears to be a key support level that BTC\u2019s bulls need to defend in order for the crypto to move higher in the near-term.<\/p>\n
Analysts are noting that Bitcoin is currently forming what could be a long-term bottom, but this possibility will only be validated if the crypto is able to post an upwards movement from its recent lows.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of $8,260, which is around the level at which the crypto has been trading at for the past several days.<\/p>\n During a fleeting overnight movement, Bitcoin surged towards $8,400 before facing insurmountable levels of resistance that sent its price back to its support around $8,200.<\/p>\n This recent price action signals that Bitcoin is currently at a turning point, as analysts have previously noted that a break below its current support levels could lead the cryptocurrency to plunge significantly lower before it finds any notable support.<\/p>\n It is important to note that analysts are claiming that Bitcoin could be close to incurring an upwards break towards $8,700, but its inability to break above $8,400 overnight may have invalidated any bullishness that the crypto had previously incurred.<\/p>\n UB, a popular cryptocurrency analyst on Twitter, shared a bullish sentiment regarding BTC in a tweet from yesterday evening, explaining that he is targeting a movement towards $8,700.<\/p>\n \u201c$BTC – Entered into a long on a LTF break of the Diag w\/ confirmation as stated in the above Tweet. On the way to $8.7k,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – Entered into a long on a LTF break of the Diag w\/ confirmation as stated in the above Tweet. <\/p>\n On the way to $8.7k. #Bitcoin<\/a> pic.twitter.com\/AZNJRZeGQQ<\/a><\/p>\n — UB (@CryptoUB) October 3, 2019<\/a><\/p><\/blockquote>\n\n