Bitcoin Finds Local Bottom as Analysts Point to Signs of Strength; What’s Next

  • Bitcoin and the entire cryptocurrency market have seen mixed price action throughout the past week
  • It has mainly favored bears, with the selling pressure seen when BTC broke below $40,000 being quite significant
  • This led the entire market to plunge lower, but bulls are now in the process of reversing this decline as they push Bitcoin towards $35,000
  • Where it trends in the days and weeks ahead will undoubtedly depend on whether or not the recent dip towards $30,000 is a local low
  • One trader believes that there are several sighs that all indicate upside is imminent, which means that BTC could be on the cusp of rallying back to $40,000

Bitcoin has led the entire crypto market on a wild ride throughout the past few days and weeks, with the recent break below $40,000 leading to an accelerated decline to $30,000.

The buying pressure here proved to be somewhat significant and has so far been enough to mark this level as a local low for the cryptocurrency.

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One trader is now noting that he expects these lows to hold and continue acting as strong support for the cryptocurrency.

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This could mean that it will see further upside in the days ahead, potentially reaching as high as $40,000 before it faces any resistance.

Bitcoin Rebounds Following Overnight Selloff

Yesterday evening Bitcoin began facing heightened selling pressure that led it down to the $32,000 region.

The buying pressure here was significant and helped catalyze a rebound showing few signs of slowing down.

At the time of writing, Bitcoin is trading up just under 2% at its current price of $34,600. It has been facing immense resistance around $35,000, and it must flip this into support.

BTC is Flashing an “Impressive” Bounce as Local Bottom Forms

One analyst believes that Bitcoin is forming a local bottom, with the support that it is establishing in the lower-$30,000 region proving to be notable.

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He explains that the low wicks on BTC’s 4-hour candles, combined with aggressive bidding each time it dips into this region, suggests that bulls are re-taking control of its price action.

“BTC – H4: Very impressive buy backs shown. I’m really liking those wicks on the bottom side of those h4 candles. I think we have found the local bottom for now, I could see us trading back in the 36 range here very quickly.”

Image Courtesy of NekoZ. Source: BTCUSD on TradingView.

So long as Bitcoin continues respecting this level as support, there’s a strong possibility that it will see further upwards expansion in the days ahead.

Featured image from Unsplash.
Charts from TradingView.

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Author: Cole Petersen

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