After a major struggle to break above $8,000 for the past couple of days, the Bitcoin news updates show that Bitcoin reclaims support and BTC was once again able to find support within the upper $7,000 region which held strong and allowed BTC to move back up above $8,000.
Analysts are now noting that the most dominant digital currency may climb higher in the near-term but are also noting that a resistance level that is a short way above BTC and its current price may halt the fleeting rally and send the cryptocurrency plunging back below $8,000.
At the time of writing, BTC is trading by 1% and is posting an increase with a current price of $8,030. This marks a slight climb from its daily low of $7,900 and shows that Bitcoin reclaims support at the psychological level of $8,000 and is ready for a surge beyond $8,100.
The slight surge also confirms the long-established notion that the upper $7,000 region is a strong region of support, mostly because BTC found notable buying pressure in this exact region.
It is also important to note that the lack of follow through and action from buyers who have been holding the support level at $7,800 may point to an underlying weakness for the cryptocurrency.
According to Big Chonis, a popular cryptocurrency analyst on Twitter, Bitcoin will climb slightly further in the near term before it reaches a point of resistance that sends it reeling in the near-term.
“$BTC – Happy Saturday… a little more up before a bit more down,” he explained and pointed to a below chart.
$BTC – Happy Saturday…
— Big Chonis Trading😷 (@BigChonis) October 19, 2019
As Bitcoin reclaims support near $8,000, the latest cryptocurrencies news are showing signs of weakness. In other words, the other altcoins won’t manage to rally as much as Bitcoin does – and are currently not recovering in the same manner.
The Cryptomist who is another popular crypto analyst on Twitter, recently explained that she believes BTC could be caught in an ascending triangle on a higher time frame. This could prove to be a major bullish sign.
“$Btc 2hr time frame: Sym triangle on RSI – Present on multiple time frames. Possible ascending triangle on 2hr here. We could see a breakout within 9hrs towards 8.1k…the falling wedge resistance, where things could get even more interesting for bulls,” she explained.
2hr time frame
Sym triangle on RSI – Present on multiple time frames
Possible ascending triangle on 2hr here
We could see a breakout within 9hrs towards 8.1k ..the falling wedge resistance, where things could get even more interesting for bulls 😊 pic.twitter.com/TiftKDJMqb
— The Cryptomist (@TheCryptomist) October 19, 2019
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