Bitcoin (BTC) has incurred a large amount of buying pressure over the past couple of days that has allowed it to climb well into the $8,000 region, which appears to have signaled that the cryptocurrency’s bulls are not yet ready to surrender their control of the crypto.
Bitcoin’s recent bullishness has allowed the crypto to maintain above a long-term trendline that has held over the past seven years, which may signal that significantly further bullish momentum is imminent in the near-future.
Bitcoin Climbs To $8,400 as Buying Pressure Builds
At the time of writing, Bitcoin is trading up nearly 3% at its current price of just below $8,400 and is up significantly from its 24-hour lows of $8,150 that were set yesterday.
Over a one-week period BTC has been able to recover from lows of $7,585, which is a price point at which the crypto garnered a notable amount of support that sparked the recent rally.
Bitcoin is now once again approaching the mid-to-upper $8,000 region, which has proven to be a strong region of resistance that has sent BTC reeling lower on several occasions over the past month, which may continue to persist unless it incurs a massive amount of buying pressure in the near future.
Luke Martin, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC may be posed to surge to $9,800 if it is able to climb back above $8,400.
“The $BTC chart is probably the most exciting chart on my watchlist going into the weekend. If price can reclaim 8400 I would be convinced that the trend higher is ready to resume. After that confirmation I would be aiming for 9800,” he explained.
Analyst: Long-Term Bullish Momentum is Intact as BTC Respects 7-Year Trend Line
One other factor that could help fuel a massive BTC surge that leads it closer to the five figure price region is the fact that it has been able to hold above a long-term bullish trend line.
Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about this trendline in a recent tweet, explaining that its upwards momentum will likely extend significantly further if it is able to continue holding above $7,200.
“Bitcoin 7-year Trendline: In case you haven’t seen, $BTC is currently sitting above a 7-year trendline that has only broken once as support (Nov. ’18). Bitcoin reclaimed support above the trendline in April & if BTC can hold above $7200 it looks bullish for continuation,” Rager explained while referencing the below chart.
As Bitcoin’s upwards momentum continues to grow and as analysts gain greater insight into where the markets are heading next, it is probable that investors will soon know whether or not the next major bull movement is right around the corner.