Critical Resistance: Bitcoin’s Response to This Level Could Determine Its Fate

Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500.BTC now appears to be trading just beneath a critical resistance level that is halting it from climber higher, and a break above this level could spark a massive upwards movement.It is important to note that the cryptocurrency has struggled to garner any decisive momentum in the time since it was rejected at highs of $9,200.Bitcoin Bounces from Intraday Lows as Bulls Fight to Maintain ControlAt the time of writing, Bitcoin is trading up 1.6% at its current price of $8,500, which marks a notable climb from its daily lows of $8,200.These lows were set late yesterday and marked an extension of the bearish momentum the crypto garnered after it broke down from its consolidation range at $8,600.It does appear that bulls are currently making a bid to reclaim this level, although it is important to note that BTC is currently hovering just beneath a key resistance level that could prove to be challenging for bulls to surmount.Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, explained in a tweet from earlier today that this is a “critical resistance” level for Bitcoin, and that a break above this level could lead to a violent upwards movement to $9,000.“BTC at critical resistance. Slightly front run 8100 as expected, either way, this is a classic retest playing out. Bust through the 8500-8600 level and we’ll see 9k soon enough,” he said while pointing to the below chart.$BTC at critical resistance.Slightly front run 8100 as expected, either way, this is a classic retest playing out.Bust through the 8500-8600 level and we’ll see 9k soon enough…. pic.twitter.com/u5afctKl1h— Satoshi Flipper (@SatoshiFlipper) January 24, 2020BTC Could Be Over $9,000 By The End of This WeekendAs for when Bitcoin could break above this key near-term resistance level, it is important to note that its ability to continue tapping the resistance at $8,500 without incurring any swift rejection is a bullish sign.Satoshi Flipper further went on to note in a later tweet that he believes this next upwards movement that leads BTC towards or above $9,000 will occur today or this weekend.“BTC keeps tagging the resistance. Can only keep knocking on the door so long before breaking through. Today or this weekend IMO,” he explained.$BTC keeps tagging the resistance.Can only keep knocking on the door so long before breaking through.Today or this weekend IMO.— Satoshi Flipper (@SatoshiFlipper) January 24, 2020Unless bears step up to the plate and catalyze a massive influx of selling pressure, it does appear that this latest drop to the lower-$8,000 region was simply a blip that will be followed by further upwards momentum.Featured image from Shutterstock.

This post was originally published on www.newsbtc.com