Bitcoin and the aggregated crypto markets have had a bullish start to 2020, with BTC surging from its recent lows of $6,800 that were set when bulls attempted to spark a sharp sell off earlier this week.<\/p>\n
Buyer\u2019s ability to absorb the immense selling pressure that was behind this movement is certainly a bullish sign, although analysts are now noting that how the crypto is currently responding to a key resistance level could spell trouble for what\u2019s to come next.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading just under 3% at its current price<\/a> of $7,500, which marks a notable climb from its daily lows of $7,300 that were set yesterday.<\/p>\n Bitcoin\u2019s ability to continue climbing higher in the time since its recent drop to the upper-$6,000 region is certainly a good sign<\/a> for bulls, although the crypto has been struggling to push above the $7,500 region over the past day, which could signal that it is an insurmountable resistance level.<\/p>\n Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes the cryptocurrency will once again retrace its recent gains and drop back towards $7,300, which is currently a support level that could continue holding strong in the near-term.<\/p>\n \u201c#BITCOIN | $BTC There are two type of people: FOMO BUYERS: Buys the breakout’s the top in hope that if pumps even further – LOL its not 2017 buddy. BORING BUYERS: Waits for a retrace to previous resistance for confirmation of support \u2013 Every retest so far failed on 4h,\u201d he said while pointing to the chart below.<\/p><\/blockquote>\n https:\/\/twitter.com\/teddycleps\/status\/04204800?s=20<\/p>\n Although Bitcoin is currently pushing up against its next key resistance level, it is possible that it will climb slightly higher until it reaches $7,600, which could be where enough selling pressure exists to spark a sell off that leads the crypto as low as $7,200.<\/p>\n Livercoin, another popular crypto analyst, spoke about this in a tweet, in which he points to a chart that shows the levels referenced above.<\/p>\n \u201cConsidering it’s Sunday and we’ll have a decent gap to fill once CME opens, I wouldn’t be surprised to see something like this,\u201d he noted.<\/p><\/blockquote>\n Considering it's Sunday and we'll have a decent gap to fill once CME opens, I wouldn't be surprised to see something like this. $BTC<\/a> #Crypto<\/a> pic.twitter.com\/vsiwc8XqU4<\/a><\/p>\n — Livercoin (@Livercoin) January 5, 2020<\/a><\/p><\/blockquote>\nRejection At $7,600 Could Spark Another Large BTC Sell-Off<\/strong>\u00a0<\/strong><\/h2>\n
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