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Several days ago, Bitcoin incurred a massive influx of buying pressure that sent it surging past its previous resistance levels that existed around $9,000. In the time since, however, BTC’s bulls have not been able to push it towards the ever-so-important $10k level, which may signal that it will face increased selling pressure in the near-term.
Despite this, Bitcoin’s recent bullishness has allowed it to form significant technical strength that may allow it to face several years of positive price action.
Bitcoin Must Hold Above $8,950 in Order for Bulls to Remain in Control
At the time of writing, Bitcoin is trading down over 2% at its current price of $9,080 and is down from 24-hour highs of $9,400 that were set late-yesterday.
Over a one-week period, BTC surged from lows of $7,800 to highs of nearly $9,400, at which point it incurred some selling pressure that sent it reeling back to $9,000, which appears to have become a level of relative support for the cryptocurrency.
Through the course of Bitcoin’s recent uptrend, the cryptocurrency has required time after each upwards swing for it to consolidate while it garners greater buying strength, which may mean that BTC will face a small bout of sideways trading around its current price level before it continues climbing higher.
In order for further gains to be imminent, analysts are now noting that the crypto must hold above $8,950 in the near-term.
“$BTC – $8950 tagged. I’m actually glad there was a breakdown before a move up. A potential breakdown would have been hanging over my head. Strong reaction from $8950. My areas of interest still apply. Do not want to see a 1h close below $8980,” UB, a popular cryptocurrency analyst on Twitter, noted in a recent tweet.
$BTC – $8950 tagged ✔
I'm actually glad there was a breakdown before a move up. A potential breakdown would have been hanging over my head.
Strong reaction from $8950. My areas of interest still apply. Do not want to see a 1h close below $8980. #Bitcoin pic.twitter.com/PgwnefY0h2
— UB (@CryptoUB) June 18, 2019
Analyst: BTC May Face Several Years of Positive Price Action
Bitcoin’s recent upwards momentum has allowed it to incur strengthening technical formations, which may signal that significantly further gains are inbound in the near-future.
Josh Rager, a popular crypto analyst on Twitter, discussed one of these technical formations in a recent tweet, noting that Bitcoin’s Supper Guppy has flipped green on its one-week chart, which is historically followed by massive uptrends.
“It’s finally here… The Bitcoin Super Guppy has flipped green on the 1-week chart. 2012: 400-day uptrend followed a flip green. 2016: 700-day uptrend followed a flip green. 2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years,” he said while referencing the below chart.
https://twitter.com/Josh_Rager/status/1140797717951733760
As BTC continues to attempt to gain a strong foothold in the lower-$9,000 region, it will likely continue to grow clearer as to whether or not traders can expect a multi-year uptrend, or if further consolidation is needed before the crypto begins to surge towards its previously established all-time-highs.
Featured image from Shutterstock.
