Bitcoin\u2019s bulls and bears have been engaged in a heated battle over the past several days and weeks, with BTC\u2019s latest bout of volatility being a sharp downtrend that followed its recent attempt to surge past $8,000.<\/p>\n
Analysts are now noting that they anticipate Bitcoin to see further gains in the near-term, with this notion being supported by the cryptocurrency\u2019s ability to bounce off of its daily lows of $7,200 that were set during a sharp intra-day sell off that was incurred yesterday.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just over 3% at its current price<\/a> of $7,350, which marks a notable drop from its daily highs of $7,600.<\/p>\n Importantly, BTC\u2019s recent sell-off was halted after buyers stepped in and defended the crypto\u2019s near-term support level at $7,200 yesterday, leading it to bounce as high as $7,600. This bounce, however, did prove to be somewhat fleeting, as bears quickly pushed the crypto back down towards its current price levels.<\/p>\n In spite of the quick retrace that was incurred after the bullish bounce<\/a> from $7,200, analysts are noting that the support that lies directly below BTC\u2019s current price level could signal that further gains are imminent.<\/p>\n Despite this, TraderX0, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is currently flat on BTC, referencing a chart that shows that the crypto is currently trading just below its monthly open, with a break above this level potentially allowing it to climb back towards its recent highs.<\/p>\n \u201c$BTC – Back later for the weekly open. See what sets up. Flat for now,\u201d he said.<\/p><\/blockquote>\n https:\/\/twitter.com\/TraderX0X0\/status\/35234823?s=20<\/p>\n UB, another popular cryptocurrency analyst on Twitter, explained that he is bullish on BTC in spite of its fleeting rally, noting that a decisive movement above $7,550 would confirm his sentiment.<\/p>\n \u201c$BTC – I’m looking for my next swing trade short anywhere from $8k – $8.2k, upon signs of weakness after a sweep of the highs. On LTFs, I’m looking for scalp longs. A break above $7,550 would help confirm my LTF bullish arguments. Currently long,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> – I'm looking for my next swing trade short anywhere from $8k – $8.2k, upon signs of weakness after a sweep of the highs. <\/p>\n On LTFs, I'm looking for scalp longs. A break above $7,550 would help confirm my LTF bullish arguments. <\/p>\n Currently long.#Bitcoin<\/a> pic.twitter.com\/6nLaDWjcve<\/a><\/p>\n — UB (@CryptoUB) December 1, 2019<\/a><\/p><\/blockquote>\nCould BTC Surge Towards $8,200 Next?<\/strong>\u00a0<\/strong><\/h2>\n
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