After facing a long period of significant selling pressure, Bitcoin’s bulls have roared, sending the cryptocurrency skyrocketing nearly 15% towards the upper-$8,000 region.
This early-morning surge marks the first time that the cryptocurrency has garnered any notable upwards momentum in the time since it dropped below $10,000 late last month, and analysts are now noting that the aggressive buying the crypto is currently incurring could propel it significantly higher in the near-term.
Bitcoin Skyrockets 15% as Bulls Take the Wheel
At the time of writing, Bitcoin is trading up just under 15% at its current price of $8,560, which marks a notable surge from its daily lows of $7,500.
Over a week-long period, Bitcoin dropped to lows of $7,300 on most major margin trading platforms like BitMEX, although the massive buying pressure that BTC was met with around this price region may have given analysts some insight into the possibility that a major movement was inbound.
Cantering Clark, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that this latest movement has been driven by aggressive buying pressure from bulls, which could mean that significantly further gains are imminent.
“Back to back 4H Candles at 1 Billion plus. The first had some ridiculously large orders aggressively buying. Breakout buys and liquidations. Get on the other side of fear = Crush it,” he said while pointing to the order book seen below.
Back to back 4H Candles at 1 Billion plus. The first had some ridiculously large orders aggressively buying.
Breakout buys and liquidations.
Get on the other side of fear = Crush it.$btc $crypto pic.twitter.com/OqCzMmCb8l
— Ryan 🐎 Cantering Clark (@CanteringClark) October 25, 2019
Additionally, analysts are also noting that this latest movement did significant damage to the cryptocurrency’s bears, as sellers appear to be “running out of ammo.”
Josh Rager, another popular cryptocurrency analyst, spoke about this in a recent tweet, explaining that a close above its weekly resistance around $8,800 would be “brilliant.”
“$BTC price is wanting to test the weekly resistance. This is an important level, the more price tests this area, the more likely sellers run out of ammo in this area. A close above this level would be brilliant,” he noted while pointing to the below chart.
$BTC price is wanting to test the weekly resistance
This is an important level, the more price tests this area, the more likely sellers run out of ammo in this area
A close above this level would be brilliant pic.twitter.com/eBBrC15N3m
— Rager 📈 (@Rager) October 25, 2019
If Bitcoin is able to consolidate after this latest meteoric price surge, or if it is able to further extend its upwards moment, it is highly likely that its recent lows may mark a long-term bottom.