After briefly dipping into the $7,000 region yesterday, Bitcoin (BTC) has once again been able to maintain this region as a strong level of support, as it has now climbed back to $8,100 during a strong move that followed its drop to lows of just under $7,900.<\/p>\n
Analysts are now noting that bears are still in control of Bitcoin, which could point to the possibility that it will incur significantly further downwards pressure in the near-term before it is able to find enough support to spark the next noteworthy uptrend.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 2% at its current price<\/a> of $8,150, which marks a slight climb from its daily lows of under $7,900 which were set yesterday after BTC lost its foothold above its previous key support level at $8,200.<\/p>\n Bitcoin has been caught in a tight trading range between roughly $7,800 and $8,300 for the past several days, and its latest price action appears to further confirm the near-term strength of both the upper and lower boundaries of this range.<\/p>\n It is important to note that BTC\u2019s bounce in the upper-$7,000 region may prove to be a technically positive thing for the crypto in the near-term, as analysts are noting that it is currently forming what appears to be a reversal formation.<\/p>\n \u201c$BTC – Trying to build momentum above $8K on a reversal candle combo TD 9 on the 12hr #bitcoin chart,\u201d Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> – Trying to build momentum above $8K on a reversal candle combo TD 9 on the 12hr #bitcoin<\/a> chart… pic.twitter.com\/lJ1RJDqbLZ<\/a><\/p>\n — BIG Chonis (@BigChonis) October 7, 2019<\/a><\/p><\/blockquote>\n\n