Bitcoin appears to be currently trading at a pivotal price region, as its reaction to the resistance it is facing at $9,000 could set the tone for where BTC trends in the weeks and months to come.
Analysts are now noting that they widely expect Bitcoin’s reaction to this level to ultimately result in a bullish movement upwards, which comes as bears appear to be growing increasingly weak.
Another factor that could aid Bitcoin in seeing further bullish momentum is the fact that whales have been stacking major Bitcoin buy orders, suggesting that bears would need a massive amount of selling pressure to spark a downwards movement.
Bitcoin Hovers Just Beneath $9,000 as Bulls Build Strength
At the time of writing, Bitcoin is trading just below $8,900, which is around where it has been trading at for the past several days and weeks.
BTC’s ongoing bout of sideways trading just below its key resistance at $9,000 is a bullish sign, as it suggests that the crypto will soon see an extension of its recently incurred upwards momentum as bears fail to garner enough strength to catalyze any sort of notable rejection. Read More...