Bitcoin and the aggregated crypto markets incurred an explosive rally yesterday evening that sent BTC\u2019s price skyrocketing from lows of $7,400 to highs of well over $10,000, which marked one of the largest movements that the cryptocurrency has incurred in the past decade.<\/p>\n
Analysts are now noting that Bitcoin has been able to hold above a key support level despite retracing significantly from its daily highs, and they are also noting that it may dip slightly lower before continuing to extend its upwards momentum.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 16% at its current price<\/a> of $9,250, which marks a notable surge from its recent lows of $7,400 that were set yesterday morning.<\/p>\n This massive surge allowed Bitcoin\u2019s price to surge as high as $10,300 before its bulls quickly lost their strength and led the cryptocurrency to drop as low as $9,000. This retrace signals that bulls over extended themselves during yesterday\u2019s rally and may mean that further losses are imminent.<\/p>\n Importantly, BTC has been able to hold above a key support level<\/a> despite its massive retrace, which may mean that it will be able to extend its momentum in the near-future.<\/p>\n Big Cheds, a popular crypto analyst on Twitter, spoke about this in a recent tweet, saying:<\/p>\n \u201c$BTC #Bitcoin daily – what\u2019s crazy is even with a near $1500 pull back the price is STILL above the upper BB as I send this tweet.\u201d<\/p><\/blockquote>\n Bitcoin may drop lower in the near-term before it begins climbing higher, with one popular analyst group targeting $8,500 as a good entry point for fresh spot and long positions.<\/p>\n Trading Room spoke about this in a recent tweet, pointing to the charts seen below.<\/p>\n \u201cBuying #Bitcoin. Conservative Entry. Trying to Scalp #BTCUSD 8850-9000 Area aggressively but also looking for a safer re-entry for CASH Portfolio. 8525-8775 zone offers a better & safer. Area to enter $BTC. Interim Target 9750. If Breakout,Target 1 \u2013 12000,\u201d he explained.<\/p><\/blockquote>\n Buying #Bitcoin<\/a><\/p>\n Conservative Entry<\/p>\n Trying to Scalp #BTCUSD<\/a> 8850-9000 Area aggressively but also looking for a safer re-entry for CASH Portfolio<\/p>\n 8525-8775 zone offers a better & safer Area to enter $BTC<\/a><\/p>\n Interim Target 9750<\/p>\n If Breakout,Target 1 – 12000https:\/\/t.co\/ER94M8kDvu<\/a><\/p>\n — Trading Room (@tradingroomapp) October 26, 2019<\/a><\/p><\/blockquote>\nBTC May Retrace Towards $8,500 Before Rally Continues<\/strong><\/h2>\n
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