Bitcoin’s firm uptrend throughout 2020 has now led it to reach a key near-term resistance level that its bulls are currently contesting. This has resulted in mixed feelings amongst analysts as to where BTC will go next.
According to one prominent analyst, if bulls are able to push the cryptocurrency above this resistance level in the near-term, it will likely spark a violent upwards movement that sends it straight towards $9,500, which will put it just a stone’s throw away from $10,000.
A rejection at $9,000, however, could spell serious trouble for the cryptocurrency, and signal that another firm mid-term downtrend is imminent.
Bitcoin Pushes Up Against $9,000 as Bulls and Bears Reach an Impasse
At the time of writing, Bitcoin is trading up marginally at its current price of $8,900, which is around where it has been trading at for the past 24-hours.
The cryptocurrency has tapped the $9,000 region on a few occasions over the past few days, with each visit to this level being closely followed by a slight sell-off that leads it down towards its current price levels. Read More...