It's at this moment abundantly clear that Bitcoin and the aggregated crypto markets are in a firm uptrend, with BTC and various major cryptos posting consistent gains on a weekly basis, with each minor pullback only acting as fuel for fresh gains.
Bitcoin has further validated that it is in a firm uptrend this past weekend when it climbed to highs of just about $9,000 before settling down slightly to its current price levels. According to one prominent analyst, it now looks that BTC doesn't have any considerable resistance until the coveted $10,000 region, which may signal that significantly further gains are on the horizon.
Bitcoin Finds Support Around $8,700 After Surging This Past Sunday
At the time of publishing, Bitcoin is trading down marginally at its current price of $8,730, down a little from its daily highs of over $8,800.
Across a one-week period, BTC has grown markedly from lows of $7,500, and is revealing few signs of any weakness at its current price levels.
It is significant to keep in mind that despite the fact that Bitcoin is at present showing a significant amount of strength at its current price levels, it has not been able to break into the $9,000 region yet, which may signal that the cryptocurrency is likely going to demand a significant influx of buying pressure in order for it to stretch its upwards momentum.
While checking out the cryptocurrency over a weekly period, it is apparent that bulls are currently in full control of Bitcoin, which might just mean that a move up to $10,000 is imminent.
Don Alt, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, further noting that BTC may drop towards $8,200 before it continues surging higher.
“$BTC weekly: One after the other resistances fall. Two remain 10.000 and 11.500. Once those are cleared, clear skies await. I’ll be looking for leveraged buys in the 8200-8400 area this week. Bulls clearly in control, not trying to fight the trend,” he explained.
One after the other resistances fall.
Two remain 10.000 and 11.500.
Once those are cleared, clear skies await.
I'll be looking for leveraged buys in the 8200-8400 area this week.
Bulls clearly in control, not trying to fight the trend. pic.twitter.com/OeTUHYCa0K
— DonAlt (@CryptoDonAlt) May 27, 2019
Analyst: $8,200 is BTC’s Main Near-Term Support Level
DonAlt is not the only one preaching about $8,200 being a key support level of which BTC needs to hold above. Cred, yet another leading crypto analyst, has also mentioned that a break beneath $8,200 would more than likely propel the cryptocurrency to drop towards its range low that at the current time exists in the lower-$7,200 region.
“$BTC High Time Frame Analysis: Broke through resistance with no pullback to the level. $8200 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low. Overall bias: buying HTF dips unless below red level,” Cred said.
$BTC High Time Frame Analysis
Broke through resistance with no pullback to the level.
$8200 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low.
Overall bias: buying HTF dips unless below red level. pic.twitter.com/rOAHfs1HOv
— Cred (@CryptoCred) May 27, 2019
When considering the next 7 days ahead, it is probable that analysts will gain greater insight into the possibility or not that Bitcoin can continue consolidating around its current price levels and then, as hoped, climb higher, or on the flip side, if further losses are inbound. Stay tuned – interesting times ahead!
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