Bitcoin (BTC) has incurred a large amount of buying pressure over the past couple of days that has allowed it to climb well into the $8,000 region, which appears to have signaled that the cryptocurrency’s bulls are not yet ready to surrender their control of the crypto.
Bitcoin’s recent bullishness has allowed the crypto to maintain above a long-term trendline that has held over the past seven years, which may signal that significantly further bullish momentum is imminent in the near-future.
Bitcoin Climbs To $8,400 as Buying Pressure Builds
At the time of writing, Bitcoin is trading up nearly 3% at its current price of just below $8,400 and is up significantly from its 24-hour lows of $8,150 that were set yesterday.
Over a one-week period BTC has been able to recover from lows of $7,585, which is a price point at which the crypto garnered a notable amount of support that sparked the recent rally.