Technical Analysis Suggests Bitcoin is On the Cusp of Another Big Rally; Factors & Trends

Following Bitcoin’s recent immense volatility, the cryptocurrency has found itself caught within an extended bout of sideways trading that has led BTC to hover around $8,100 for the past couple of days.In the near-term, the cryptocurrency’s bulls and bears do appear to remain at an impasse, which has muddied the clarity that some analysts previously had as to where BTC could be heading next.Over a macro time frame, it is clear that Bitcoin is currently in a firm uptrend, which is leading some analysts to note that a continued defense of its key support by bulls could lead the cryptocurrency to climb as high as $8,750 in the coming hours and days.Bitcoin Continues Consolidating, But Uptrend Remains Firm At the time of writing, Bitcoin is trading down marginally at its current price of $8,135, which marks a notable decline from its daily highs of $8,200 that were set yesterday.When bulls generated some buying pressure that allowed the crypto to climb up towards $8,200 yesterday afternoon, the crypto incurred a strong as swift rejection that led it to drop as low as $8,000 before it found notable support.Josh Rager, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the key support level he is watching for in the near term $7,700, as a failure to hold above this level could spark a major sell-off.As for upside targets, Rager believes that Bitcoin could surge up to $8,750 if its bulls are able to push it above $8,170.“$BTC Update: $8170s is a significant area for Bitcoin to break and close above on higher time frame charts. It’s been an important support/resistance and high volume area (POC) for trading. Next resistance to break is $8750. And things get bearish below $7700s,” he explained in a recent tweet.$BTC Update$8170s is a significant area for Bitcoin to break and close above on higher time frame chartsIt’s been an important support/resistance and high volume area (POC) for tradingNext resistance to break is $8750And things get bearish below $7700s pic.twitter.com/xgMugEk4Gn— Josh Rager 📈 (@Josh_Rager) January 13, 2020This Key Trendline May Bolster BTC in the Near-TermRager is not alone in his belief that bulls could soon push BTC up towards the upper-$8,000 region, as Squeeze, another popular crypto analyst, recently told his over 100k followers that a key trendline is currently pushing Bitcoin up – which could mean a movement to $8,650 is inbound.“Daily chart is holding quite well. As long as the trendline holds, I think we’re heading to $8,650,” he explained.Daily chart is holding quite well.
As long as the trendline holds, I think we’re heading to $8,650#Bitcoin $BTC pic.twitter.com/cZAYgi7dGm
— Squeeze (@cryptoSqueeze) January 13, 2020The coming few hours could elucidate whether or not this bullishness is valid, as any break below $8,000 will likely lead BTC down towards $7,700, and its reaction to this level could set the tone for where it trends in the mid-term.Featured image from Shutterstock.

This post was originally published on www.newsbtc.com