Bitcoin is Just a Few Hundred Away from Entering a Glorious Bull Market

Bitcoin has seen some generally lackluster price action throughout the past several days and weeks, struggling to garner any decisive momentum as it hovers within the mid-$9,000 region.

This price action has muddied the clarity that many analysts previously had as to just how strong the cryptocurrency’s uptrend truly is, and has shaken the confidence of bullish investors.

It does appear that BTC’s bull case still remains strong, however, as there are a few factors that suggest upside could be imminent in the days and weeks ahead.

Yesterday, its weekly candle was able to flip a massive descending trendline that it has been caught beneath for the past year.

It still remains slightly below a key horizonal resistance level that is stunting its growth, but analysts are noting that a break above this level could be enough to spark a massive uptrend.

Bitcoin Flashes Signs of Strength Despite Consolidation Phase 

At the time of writing, Bitcoin is trading up marginally at its current price of $9,730. This marks a notable climb from its recent lows of $9,400 that were set overnight in a sharp and fleeting movement.

This decline was followed by a rally to highs of $9,900, but buyers were unable to sustain this momentum and it has since retreated back down to its current price levels.

BTC’s volatility seen yesterday also seems to confirm the existence of a relatively tight trading range between $9,400 and $9,900. Until it is able to decisively break above one of these levels, its near-term trend will remain somewhat unclear.

This past week, the crypto’s monthly candle was able to break above a key descending trendline that has been formed and respected in the time following its rise to highs of $13,800 last summer.

NewsBTC reported on this trendline break yesterday, referencing an analyst’s comments regarding this being a significant event.

The chart below shows this decisive trendline flip, however it is imperative that BTC decisively closes its monthly candle above this line in order for it to garner further upwards momentum.

Image Courtesy of CryptoBirb

BTC Just a Few Hundred Dollars Away from Smashing Key Resistance 

This recent trendline flip isn’t the only technical factor currently counting in Bitcoin’s favor.

Another respected analyst recently offered a chart showing that the resistance existing around $10,100 is significant from a macro perspective.

He notes that BTC needs to close its weekly candle just a few hundred dollars higher in order for it to enter firm bull territory.

“Come on BTC, we just need you to close a few hundred higher on the weekly,” he said while pointing to the chart seen below.

Bitcoin

Image Courtesy of Josh Rager

The days ahead should offer investors with greater clarity as to where Bitcoin may trend in the months ahead.

Featured image from Shutterstock.


Source: Bitcoin is Just a Few Hundred Away from Entering a Glorious Bull Market

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