Just minutes ago as of the time of writing this article, Bitcoin (BTC) plunged 3% within a few minutes’ time, falling from $8,750 to as low as $8,460 in a short time period. On some exchanges, this marked a new low for the day’s price action, traditionally a bearish sign.<\/p>\n
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Despite this 3% drop, analysts are saying that this move may actually be more bullish than bearish, for BTC managed to bounce back to $8,650 just minutes after the plunge as shown in the above chart took place.<\/p>\n
Cryptocurrency trader Credible Crypto, who called Bitcoin’s decline to the $6,000s then the subsequent bounce to the high-$8,000s in the middle of December, remarked in a recent tweet that the recent price action is a clear sign “bulls are refueling.” By “refueling” he means preparing for another push higher.<\/p>\n
Backing this optimistic quip, the analyst pointed at the chart that can be seen below, which shows that BTC’s one-day candle has held the key support band in between $8,400 and $8,500 in spite of the severity of the dump.<\/p>\n
\nChill beras, the bulls are just refueling… $BTC<\/a> pic.twitter.com\/E59G1E9kag<\/a><\/p>\n
— CrediBULL Crypto (@CredibleCrypto) January 19, 2020<\/a><\/p><\/blockquote>\n