Bitcoin’s bulls have been able to step up and support BTC’s price following its recent drop below $9,000, which points to an underlying strength that may signal that the cryptocurrency will soon post a strong recovery from its recent lows.
Analysts are now widely anticipating BTC to post decent gains in the near-term, with one analyst explaining that the crypto is currently forming a similar technical formation to the one that was seen just prior to its rally from $7,300 to $10,600.
Bitcoin Stabilizes Above $8,800 Following Recent Dip
Earlier this past week, Bitcoin plummeted from its previous trading range between $9,000 and $9,500, which showed that bears had gained the upper hand over BTC’s bulls, although its drop quickly grinded to a halt after it found significant support around $8,800.
In the near-term, analysts are noting that they anticipate the cryptocurrency to climb past $9,000 before it hits a resistance level that sends it spiraling significantly lower.
The Cryptomist, a popular cryptocurrency analyst on Twitter,