Bitcoin (BTC) was able to gain some momentum after seeing a significant inflow of volatility earlier this week, as buyers are now trying to drive BTC towards its short-term resistance at $ 7,800.
This momentum arises as shoppers become aggressive on Bitcoin’s short-term support levels, which, according to one analyst, is a bullish sign suggesting that further upward moves may be imminent.
Bitcoin moves to $ 7,800 resistance, analysts expect profits
At the time of writing, Bitcoin is trading at $ 7,520, marking a remarkable increase from its recent low of just over $ 7,200, reached just before its rapid rise to $ 7,800 at the beginning of last week. There BTC met with considerable resistance, which caused him to sink lower.
This move confirmed $ 7,800 as a strong resistance to cryptocurrency # 1. However, the recent surge to that level is likely to suggest that this resistance will soon be tested.
Assuming that Bitcoin exceeds resistance in this price region, it is likely to face further selling pressure at $ 8,000, with a break above that level opening the door for significantly more buoyancy.
Popular cryptocurrency analyst Cantering Clark now writes on Twitter: “It’s imperative for BTC to stay above its short-term support level of about $ 7,400 for further short-term gains.
Cantering Clark on this:
“Staying here will be pretty important. Otherwise, it has the potential to be just an LH, and cops can return to the state of amnesia by recognizing and accepting HTF market disruptions that are often re-tested. “
Will aggressive buyers drive BTC higher?
An interesting trend investors should keep in mind is that there are more and more buyers on BTC’s short-term support level.
Cantering Clark also talked about it, noting that the rapid increase in Bitcoin’s short-term support purchases suggests that buyers have an urgent need to defend these levels.
“What’s interesting is the amount of initiative that aggressive buyers, which we have recently received directly in support, are not just passive. Many imbalances directly in support. Almost as if buyers feel a real sense of urgency. “
It will probably soon become clear whether this buying pressure is enough to send BTC past the resistance and bring us new heights.