Bitcoin Recover Support Level as Analysts See New Gains

After struggling to exceed $ 8,000 in recent days, bitcoin was able to find some support within the upper sector of $ 7,000 again, which allowed the fort and BTC to exceed $ 8,000.

Analysts now point out that the cryptocurrency may be higher in the short term, but they also note that a resistance level just below the current price of BTC could stop this fleeting recovery and reduce the cryptocurrency by $ 8,000. You can send it below.

Bitcoin rises above $ 8,000, but Beers soon returns

At the time of writing, bitcoin is rising almost 1% to its current value of $ 8,030, a slight rise from its daily lows of $ 7,900, reaching $ 8,100 just before the morning increase. I was.

This slight rebound confirms the long established belief that the sector of more than $ 7,000 is a solid area of ​​support, as BTC continues to find significant buying pressure in the sector.

It is important to keep in mind that a follow-up of buyers who maintain a support level of $ 7,800 may indicate an underlying weakness for the cryptocurrency.

Big Chonis, a popular cryptocurrency analyst on Twitter, said in a recent tweet that. He believes Bitcoin will rise a little more in the short term before it reaches the point of resistance. That will send it down in the short term.

"$ BTC - Happy Saturday … before it goes down a little more," he explained, pointing to the chart below.

BTC can potentially get caught in an ascending triangle

Another popular cryptocurrency analyst on Twitter, Cryptomist, reported in a recent tweet that. He believed that Bitcoin could get trapped in an ascending triangle for a high period of time. A quick signal of its medium-term price action. It can be tested.

"$ Btc 2-hour time range: Sim triangle in RSI - It exists in multiple time ranges. Possible ascending triangle in 2R. He explained that an 8.1k drop resistance … could be seen within 9 hours, where the things for the bull and they can also be interesting, "she explained.
Bitcoin's medium-term trend could be further exacerbated in the next few hours and days. As the long-term consolidation could soon end up at around $ 8,000.