Bitcoin has been caught within a tight trading range in the lower-$9,000 region for the past couple of weeks, and it has failed to incur any notable trend in the past couple of weeks despite the volatility that was incurred a few weeks ago when BTC ran from lows of $7,300 to highs of $10,600.
Analysts are noting that Bitcoin may be positioned to break above its upper range boundary in the near-term, which may mean that further upside is imminent for the cryptocurrency.
Bitcoin Inches Higher Despite Crashing to $8,000 on CME
At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,360, which marks a decent climb from its daily lows of nearly $9,200 that were set overnight.
It is important to note that BTC is currently slowly climbing up towards $9,500, which marks the top of the trading range between $9,00 and $9,500 that it is currently trading within. It is probable that there will be notable resistance at this level, although analysts do believe that it is currently positioned for a movement above this level.
UB, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is currently targeting a near-term BTC movement up to $9,700.
“$BTC – Things are looking better after the reaction from the EQ. Successful pullback from the Pivot / Bear Divs completed. I’d like to see continuation towards $9.6k – $9.7k from here. If there’s another slow bleed into the most recent wick, I’ll look for a short,” he explained while pointing to the chart seen below.
$BTC – Things are looking better after the reaction from the EQ. Successful pullback from the Pivot / Bear Divs completed.
I'd like to see continuation towards $9.6k – $9.7k from here. If there's another slow bleed into the most recent wick, I'll look for a short.
#Bitcoin pic.twitter.com/pa8WOPQt4I— UB (@CryptoUB) November 5, 2019
Another interesting overnight development that has led some analysts to believe that BTC is positioned for further gains in the near-term is the fact that it crashed overnight on CME to fill its nearest downside gap in the lower-$8,000 region.
Alex Krüger, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying “Crypto traders made the almighty CME look like Deribit,” while pointing to the chart seen below.
Crypto traders made the almighty CME look like Deribit. $BTC pic.twitter.com/debUeXlRPB
— Alex Krüger (@krugermacro) November 5, 2019
Because Bitcoin no longer has an open CME gap in the $8,000 region, it is possible that the crypto will see significantly further upside in the near-term.