Bitcoin’s bulls have continued to hold the embattled cryptocurrency above its critical near-term support level at $8,700, which may be a robust support region that ultimately helps propel the cryptocurrency higher in the coming days and weeks.
As for where this support region may lead Bitcoin next, multiple analysts are now noting that they are targeting a near-term movement back into the $9,000 region, and that a break above this region could instantly lead the cryptocurrency to surge past $10,000.
Bitcoin Stable Above $8,700; Movement Towards $10k May Be Inbound
At the time of writing, Bitcoin is trading up marginally at its current price of $8,800, which marks a slight climb from its recent lows of under $8,600 that were set earlier today in a brief downwards movement that was ultimately met with major buying pressure.
$8,700 has proven to be a steady and consistent support level for BTC ever since its price settled from the peak of its meteoric rally at $10,600, and it is highly probable that this level will continue to hold strong in the near-term as the crypto’s bulls and bear remain deadlocked.
Luke Martin, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes BTC is well positioned for a near-term movement back above $9,000 due to the multiple wicks into its support level – which confirms that this level does in fact contain significant buying pressure.
“After a few nasty wicks $BTC looks good again for a move up towards 9k+. I would want this most recent wick down to be the low for that idea to be valid. Wrong below,” he noted while pointing to the chart seen below.
Martin is not alone in his bullish assessment of Bitcoin’s current price action, as Mayne – another well respected crypto analyst – explained in a tweet that the strong support that Bitcoin has been able to find at $8,700 points to an underlying strength amongst the cryptocurrency’s bulls, and may mean that significantly further gains are imminent.
“$BTC Update. Liking the reaction off of the previous highs looking like we may be finding support. We’ve also now hit the 61.8% retracement on the nose and have swept last week’s low. Still long and strong, if we can flip $9350 we will see 5 digit BTC again IMO,” he explained.
So long as BTC’s bulls are able to hold it above $8,700 in the near-term, then it does appear to be increasingly likely that they will soon push the crypto back into the $9,000 region, which could subsequently lead to a movement back above $10,000.