Bitcoin\u2019s bulls were able to defend BTC from facing a much steeper sell-off today, which comes closely on the heels of the recent rejection the cryptocurrency experienced, which to many investors signaled that significantly further losses were imminent.<\/p>\n
Analysts are now explaining that bull\u2019s ability to defend against further losses points to the possibility that the crypto will see further upside in the near-term, potentially even revisiting its recent highs within the upper-$7,000 region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $7,340, which is the highest level it has traded at all day.<\/p>\n Earlier this week, bulls attempted to spark a rally that sent the cryptocurrency surging to highs of $7,700, although this was quickly met with significant selling pressure that sent it reeling down to lows of $7,050 earlier this morning.<\/p>\n Today\u2019s dip was quickly bough up by bulls, who were able to absorb the large amount of selling pressure that had been sparked by its recent rejection at $7,700.<\/p>\n UB, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the bullish reaction to today\u2019s dip towards $7,000 has \u2013 at least in the short-term \u2013 shifted the tides in favor of buyers, meaning that BTC<\/a> may soon see further upwards momentum that leads it back into the upper-$7,000 region.<\/p>\n \u201c$BTC – Closed my short… again. Strong reaction from the Range Low, hourly closed above intra-day S & R on decent volume. It’s starting to look like a move up to $7,500s or the Range High is possible,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – Closed my short… again. <\/p>\n Strong reaction from the Range Low, hourly closed above intra-day S & R on decent volume. <\/p>\n It's starting to look like a move up to $7,500s or the Range High is possible. #Bitcoin<\/a> pic.twitter.com\/JZxJ3zTb2Z<\/a><\/p>\n — UB (@CryptoUB) December 27, 2019<\/a><\/p><\/blockquote>\n\n