After facing a sharp drop into the upper-$6,000 region yesterday morning, Bitcoin\u2019s bulls have stepped up and propelled the crypto higher, laying the foundations for the cryptocurrency\u2019s recent lows to be a mid-term bottom for BTC.<\/p>\n
Analysts now widely expect Bitcoin to see further gains in the short-term, but it is important to note that the cryptocurrency is still firmly caught in a mid-term bear trend, which means that it may ultimately see further downside in spite of its near-term bullishness.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price<\/a> of $7,320, which marks a notable climb from its daily lows of roughly $6,700 that were set during BTC\u2019s latest sell-off.<\/p>\n This level has long been viewed as a strong level of support for the cryptocurrency, and its bullish price action in the time since it visited this level confirms that this is in fact a strong level of support, and may signal that further bullishness is imminent in the near-term.<\/p>\n Further supporting this notion is the fact that Bitcoin has broken above the upper boundary of a clearly defined pennant that it formed in the time following its recent drop, which may signal that further upwards momentum is imminent.<\/p>\n Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to the chart seen in the below tweet.<\/p>\n \u201c$BTC #bitcoin early action favors bulls,\u201d he concisely noted.<\/p><\/blockquote>\n $BTC<\/a> #bitcoin<\/a> early action favors bulls pic.twitter.com\/D1kPYEO39h<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) November 23, 2019<\/a><\/p><\/blockquote>\n\n