Bitcoin\u2019s position within the lower-$7,000 region has been ardently defended by the cryptocurrency\u2019s bulls over the past several hours and days, with the crypto\u2019s overnight drop into the upper-$6,000 region being met with significant buying pressure that allowed BTC to post a sharp bounce to highs of $7,400.<\/p>\n
It is important to note that this recent movement has further confirmed the notion that BTC is currently forming a bullish inverse head and shoulders pattern, but analysts are noting that the crypto needs to decisively break above $7,500 in order for a massive bullish rally to commence.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up roughly 2% at its current price<\/a> of $7,285, which marks a notable climb from its daily lows of $6,800 that were set last night during a sharp sell off.<\/p>\n The fact that this downwards movement was met with significant buying pressure confirms that this price region is a strong region of support, and this could bolster BTC\u2019s price action in the near-term.<\/p>\n Following this sell off, Bitcoin was subsequently rejected at $7,400, signaling that this is a strong level of resistance for the cryptocurrency. Further supporting this notion is the fact that this is the price at which BTC\u2019s rally from its recent lows of $6,500 stalled.<\/p>\n The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes multiple technical factors are pointing to the possibility that the crypto\u2019s recent lows will mark a long-term bottom, with a movement to $11,000 possibly being in the cards.<\/p>\n \u201c$BTC: Stopped out short in profits. Forget my $6.4 call. Triple bottom on RSI. Wedge Apex. Heikin Ashi Doji. Bottom could be in and change of trend towards $11k COULD be in progress. Will update on daily close,\u201d she explained in a recent tweet while referencing the chart seen below.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptomist\/status\/97646080?s=20<\/p>\n In the near-term, the key level that analysts are watching is $7,500, as a decisive break above this level could confirm the bullish inverted head and shoulders pattern that BTC<\/a> has been forming, potentially marking the crypto\u2019s recent lows as a long-term bottom.<\/p>\n Galaxy, a popular cryptocurrency analyst on Twitter, concisely spoke about this level in a recent tweet, saying:<\/p>\n \u201cBreak $7500 and it’s showtime.\u201d<\/p><\/blockquote>\n Break $7500 and it's showtime. $BTC<\/a> pic.twitter.com\/G348APy3o7<\/a><\/p>\n — Galaxy (@galaxyBTC) November 27, 2019<\/a><\/p><\/blockquote>\nWill Break Above $7,500 Catalyze Bullish Momentum?<\/strong><\/h2>\n
\n