Bitcoin has been caught in a prolonged bout of sideways trading in the time since its massive surge from $6,400 to $7,600, and BTC\u2019s failure to extend this momentum had led some analysts to believe that the crypto would see a continuance of the downwards momentum that it has faced over the past several months.<\/p>\n
Today, however, the crypto was able to incur a sizable rally that has sparked some strong upwards momentum, which may signal that a true bull-favoring trend shift is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 3% at its current price<\/a> of $7,400, which marks a notable climb from its daily lows of $7,140.<\/p>\n Prior to today\u2019s upwards movement, Bitcoin had been trading sideways around $7,200 for multiple days, forming a relatively tight trading range that led many analysts to claim that the resolution of this range could offer significant insight into where the markets are heading next.<\/p>\n The momentum of this movement has brought BTC up into a key resistance level that appears to be holding strong, but analysts are noting that the strength of this move may mean that it will soon surge past this resistance.<\/p>\n \u201cPrice action steep and strong in to asks. I will tighten stop straight away to ~0.2R. I don’t want to get caught shorting decent momentum with too much risk after getting response from my level,\u201d Bitcoin Jack \u2013 a popular cryptocurrency analyst \u2013 explained in a recent tweet.<\/p><\/blockquote>\n Price action steep and strong in to asks<\/p>\n I will tighten stop straight away to ~0.2R<\/p>\n I don't want to get caught shorting decent momentum with too much risk after getting response from my level pic.twitter.com\/gA1csBxZI8<\/a><\/p>\n — \/\/Bitcoin \ud835\udd75ack \ud83d\udc10 (@BTC_JackSparrow) December 22, 2019<\/a><\/p><\/blockquote>\n\n