Bitcoin (BTC) was able to incur a massive rally today that led the cryptocurrency to surge past its previous resistance at $8,000. In spite of the overt bullishness of its recent price action, it does appear to be struggling to gain a solid footing above this level.<\/p>\n
Analysts are now noting that they are cautious about getting too bullish on Bitcoin at this exact moment, as it may be at a key pivoting point that will lead it to incur another bear-favoring trend reversal.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 4% at its current price<\/a> of $8,050, which marks a notable climb from daily lows of $7,500.<\/p>\n Over a wider time frame, BTC has been in a clear uptrend that first began when it tapped lows of $6,400 during a capitulatory sell off in late-December, which was then followed by another drop to lows of $6,800 in early-January.<\/p>\n BTC\u2019s ability to post higher lows over the past couple of weeks is a technical development that favors buyers and may have been one sign offering investors insight into the inevitability of this recent series of rallies.<\/p>\n Today, Bitcoin was able to climb as high as $8,200 before tapping a strong resistance level that sparked a sell off leading it down to its current prices. The rejection at this level has led analysts to grow cautious of going long on the cryptocurrency.<\/p>\n \u201c$BTC: I think that last push up caught a lot of early shorters. We are at resistance here, if you longed not a bad TP area. Wherever this pulls back to I’ll be looking to buy,\u201d Mayne, a popular cryptocurrency analyst on Twitter, explained while pointing to the chart below.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n I think that last push up caught a lot of early shorters. We are at resistance here, if you longed not a bad TP area. <\/p>\n Wherever this pulls back to I'll be looking to buy. pic.twitter.com\/97CD3T8sL7<\/a><\/p>\n — Mayne (@Tradermayne) January 7, 2020<\/a><\/p><\/blockquote>\n\n