Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500.<\/p>\n
BTC now appears to be trading just beneath a critical resistance level that is halting it from climber higher, and a break above this level could spark a massive upwards movement.<\/p>\n
It is important to note that the cryptocurrency has struggled to garner any decisive momentum in the time since it was rejected at highs of $9,200.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 1.6% at its current price<\/a> of $8,500, which marks a notable climb from its daily lows of $8,200.<\/p>\n These lows were set late yesterday and marked an extension of the bearish momentum the crypto garnered after it broke down from its consolidation range at $8,600.<\/p>\n It does appear that bulls are currently making a bid to reclaim this level, although it is important to note that BTC is currently hovering just beneath a key resistance level that could prove to be challenging for bulls to surmount.<\/p>\n Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, explained in a tweet from earlier today that this is a \u201ccritical resistance\u201d level for Bitcoin, and that a break above this level could lead to a violent upwards movement to $9,000.<\/p>\n \u201cBTC at critical resistance. Slightly front run 8100 as expected, either way, this is a classic retest playing out. Bust through the 8500-8600 level and we’ll see 9k soon enough,\u201d he said while pointing to the below chart.<\/p><\/blockquote>\n $BTC<\/a> at critical resistance.<\/p>\n Slightly front run 8100 as expected, either way, this is a classic retest playing out. <\/p>\n Bust through the 8500-8600 level and we'll see 9k soon enough…. pic.twitter.com\/u5afctKl1h<\/a><\/p>\n — Satoshi Flipper (@SatoshiFlipper) January 24, 2020<\/a><\/p><\/blockquote>\n\n