It’s now abundantly clear that Bitcoin and the aggregated crypto markets are in a firm uptrend, with BTC and other major cryptos posting consistent gains on a weekly basis, with each minor pullback only acting as fuel for further gains.
Bitcoin has further established that it is in a firm uptrend this past weekend when it surged to highs of nearly $9,000 before settling slightly to its current price levels. According to one prominent analyst, it now appears that BTC doesn’t have any significant resistance until the coveted $10,000 region, which may signal that significantly further gains are imminent.
Bitcoin Finds Support Around $8,700 After Surging This Past Sunday
At the time of writing, Bitcoin is trading down marginally at its current price of $8,730, down slightly from its daily highs of over $8,800.
Over a one-week period, BTC has surged significantly from lows of $7,500, and is showing few signs of any weakness at its current price levels.
It is important to note that although Bitcoin is currently 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 going to require a significant influx of buying pressure in order for it to extend its upwards momentum.
While looking at the cryptocurrency over a weekly period, it is clear that bulls are currently in full control of Bitcoin, which may 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.
Analyst: $8,200 is BTC’s Main Near-Term Support Level
DonAlt is not alone in his assessment of $8,200 being a key support level that Bitcoin must hold above, as Cred, another popular crypto analyst, also noted that a break below $8,200 would likely lead the cryptocurrency to fall towards its range low that currently 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.
As the week continues on it is likely that analysts will gain greater insight into whether or not Bitcoin will be able to continue consolidating around its current price levels and climb higher, or if further losses are inbound.