After a short period of consolidating within the upper-$8,000 region, Bitcoin’s bulls have stepped up and propelled the crypto back above its previously established support level at $9,000.
This climb has led analysts to flip bullish on the cryptocurrency, with one analyst noting that he anticipates Bitcoin to consolidate around its current price level before bulls begin to slowly push the cryptocurrency higher.
Bitcoin Runs Past $9,000 as Buyers Fight Back
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $9,060, which marks a notable climb from its recent lows of $8,700 that were set earlier this week after BTC lost its support at $9,000 after an extended period of sideways trading.
Following the drop that was experienced earlier this week, many analysts anticipated the cryptocurrency to post further losses before it found any meaningful support, but its ability to find support in the upper-$8,000 region may signal that bulls are currently stronger than previously believed.
In spite of this upwards movement today, analysts are still cautious about getting too excited, as Mayne, a popular cryptocurrency analyst on Twitter, recently noted that he will not be bullish on BTC until it climbs above $9,350.
“$BTC: Nice little pump here! Be careful getting too bullish into resistance my fellow bullas. Personally, I’m leaning towards this move being a short squeeze, dumping us into the grey for our dream swing long entry. If we can reclaim $9350 the moon mission is on,” he said while pointing to the chart seen below.
Nice little pump here! Be careful getting too bullish into resistance my fellow bullas.
Personally, I'm leaning towards this move being a short squeeze, dumping us into the grey for our dream swing long entry.
If we can reclaim $9350 the moon mission is on. pic.twitter.com/7iTQxhXhhn
— Mayne (@Tradermayne) November 10, 2019
Loma, another popular cryptocurrency analyst, explained in a recent tweet that he believes that bulls have the greatest chance of beating bears in the near-term if they can hold the crypto above $9,000 and begin slowly pushing it higher.
“$BTC: Bears really didn’t step in at all. As a bull, I’d like to consolidate here and slowly move up over the next few months. I’d prefer not to see the quick pumps followed by even quicker rejections at resistance,” he explained.
Bears really didn't step in at all.
As a bull, I'd like to consolidate here and slowly move up over the next few months.
I'd prefer not to see the quick pumps followed by even quicker rejections at resistance. pic.twitter.com/CChfuJgd6E
— Loma (@LomahCrypto) November 10, 2019
It is important to note that Bitcoin’s rise today did extend as far as $9,300, but it was met with notable resistance here that instantly sent it reeling back down to its current price levels.