- Bitcoin has been able to sustain the gains it posted yesterday after seeing a strong rally that took it to highs of $ 9,800 from its recent lows of $ 9,200
- This move was unexpected and certainly fueled the case of the crypto bull.
- That said, BTC still remains firmly within its long-standing trading range.
- Whether or not you can maintain this momentum can depend on whether you are able to change a crucial level in support
- According to analysts, a confirmation that this previous resistance level became support could be enough to trigger a wild bullish trend.
Bitcoin and the aggregate cryptocurrency market were able to add several percent to their market limits during a strong move seen yesterday.
This surge came suddenly and marked a resolution for the narrow trading period in the range that crypto experienced over the past week around $ 9,400.
Despite breaking its short-term consolidation trend, BTC remains stagnant within its macro trading range between $ 9,000 and $ 10,000. None of these levels has been firmly broken by bulls or bears in the past few weeks.
However, buyers could be about to catalyze a massive bullish move if they are able to shift a key level towards support.
Bitcoin Increases More As Bulls Case Strengthens
As of writing, Bitcoin is trading at just under 2% at its current price of $ 9,615. This is around the level at which it traded overnight and in the time after its recovery from its recent lows.
The recent recovery sent BTC to highs of $ 9,800, but resistance here turned out to be strong and catalyzed a rapid decline.
An interesting technical pattern that seems to predict when Bitcoin sees rises is its cloud formation.
A popular analyst noted that the benchmark crypto has been posting concentrations within its macro trading range whenever the cloud runs the risk of turning bearish.
These protests tend to be unsustainable, leading him to call them “scam bombs”.
“Someone doesn’t want the cloud to turn the bear over. Every time he is inches from the intersection of death, he is immediately followed by a scam bomb, “he explained.
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Here are the crucial levels that the bulls need to confirm in support of sparking a rally
There is a level that could trigger an intense rally, assuming the bulls can confirm this as support.
This level is $ 9,500, and its previous status as a strong resistance level means that the bulls could post a support resistance change if they can defend it ardently.
An analyst believes this is crucial for bulls and could spark a wild rebound in the region of five-figure prices.
“BTC LTF update: Price back to well above this $ 9500 level which is so crucial for bulls to re-support if we want to go higher, I would love to get a new long position in the new test always continue to show signs of supporting PA. There is no reason for it to be low, ”she explained.
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