Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC’s ability to hold above this price level may be a bullish sign, as it signals that bears do not currently have enough strength to send the crypto back to its next major support level in the lower-$9,000 region.
This bullish response to $10,000 has led one prominent analyst to express that he believes BTC has established a mid-term bottom, which may mean that today’s surge marks the beginning of the next uptrend.
Bitcoin Run Past $10,300 as Buyers Build Strength
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $10,310, which marks a decent surge from its 24-hour lows of $10,000 that were set yesterday.
It is highly likely that BTC will find some levels of selling pressure in the upper-$10,000 region, as it has faced multiple rejections at this price region over the past several weeks.
The bullish response to $10,000 signals that this price level remains a key psychological support level and may also signal that further gains are imminent in the coming weeks and months.
UB, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin’s technical formations are currently flashing multiple bullish signs, which has led him to add to his current long position.
“$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in. I entered just above Yesterday’s Daily Open – it was a key intraday S & R level. Most recent hourly closed above the Range Low – looking to add to my long,” he noted.
$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in.
I entered just above Yesterday's Daily Open – it was a key intraday S & R level.
Most recent hourly closed above the Range Low – looking to add to my long. pic.twitter.com/ADubNhZmZm
— UB (@CryptoUB) September 12, 2019
Has BTC Established a Mid-Term Bottom?
UB is not alone in his bullish assessment of Bitcoin’s current price action, as Flood – a highly prominent trader who has correctly predicted multiple major movements in the crypto markets – said in a recent tweet that he believes the crypto’s recent drop to the lower-$9,000 region may have marked a mid-term bottom.
“First the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes. I’m long,” he explained while pointing to the below chart
https://twitter.com/ThinkingUSD/status/1171938481322549249
The coming days and weeks will be critical for Bitcoin, as an extension of its current upwards momentum could validate the notion that it has bottomed out over the mid-term.
Featured image from Shutterstock.