Bitcoin may be forming a long-term fund while bulls defend themselves
After a prolonged period of side trading around $ 8,500, Bitcoin bulls have begun to defend themselves, pushing cryptography to $ 8,700. Despite this upward movement today, it is important to keep in mind that BTC has not yet been able to rise above its previous support level of around $ 8,800.
Analysts now point out that they believe that Bitcoin is close to forming a long-term fund that will help boost its higher price in the short term, despite the bearish conditions surrounding its trading volume.
Bitcoin amounts to $ 8,700 while bulls recede against bears
At the time of writing, Bitcoin is trading at more than 1% at its current price of $ 8,650, marking a decent rise from its recent lows of $ 8,300 that were set at the bottom of the fall that BTC incurred earlier this week.
Before visiting these lows earlier this week, Bitcoin had found significant support between $ 8,700 and $ 8,800, so it is very likely that this level will now act as resistance as the bulls try to push the cryptocurrency above this price region.
It is important to note that the recent Bitcoin price action occurred simultaneously with a significant decrease in the volume of operations, which may be a bearish signal.
Cantering Clark, a popular cryptocurrency analyst on Twitter, talked about this in a recent tweet, considering this low volume as “ugly.”
This was reported: “Ugly. Look at that volume in Bitmex. 784 million. The last time the 24-hour volume was so low was March 30. Go ahead, look at that date in the table. Implicit volatility and performed at ATMs , all in minimums too. ”
Will the region of $ 8,000 lower mark a long-term fund for BTC?
Despite the bearish trading volume that BTC is currently facing, it is also important to keep in mind that analysts remain optimistic that cryptography will soon see a higher price and translate into optimism.
Nik Patel, another popular cryptocurrency analyst on Twitter, explained in a tweet that he believes Bitcoin could incur one more leg towards $ 8,000 in the short term, but he also expects this region to mark a long-term fund for BTC.
“I think we are not far from the bottom for this stage at $ BTC. He argued that $ 8,300 as a likely area for the price to find support in Market Outlook at the end of October, could fall to $ 8,060, but I doubt more. However, We think we will get a higher time frame range cut until the end of the year, ”he explained.
The way in which Bitcoin continues to react to the region of less than $ 8,000 will provide invaluable information on whether cryptography will end 2019 or not with a bearish note, or if the bulls will be able to boost their higher price in the short term.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.