After facing a significant amount of selling pressure that resulted from its recent drop below $10,000, Bitcoin’s bulls have stepped up and are now attempting to push BTC back into the five-figure price region.
This upwards momentum has been bolstered by a massive BTC buy wall on Binance and a bullish fractal pattern that may suggest that the crypto’s next parabolic movement is imminent.
Bitcoin Fractal May Suggest Imminent Price Surge
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $9,850, which marks a decent sized surge from its recent lows of nearly $9,300 that were set last week.
Ever since Bitcoin plunged from its 2019 highs of $13,800, it has consistently found strong support in the $9,000 region, and the duration of each dip below $10,000 has been relatively short.
That being said, it is highly probable in the short-term that $10,000 will act as a key resistance level, and any decisive break above this level could lead the cryptocurrency to surge significantly higher, although it still remains unclear as to whether or not bulls currently have enough strength to push the crypto towards other key resistance levels.
Inmortal Technique, a popular crypto analyst on Twitter, mused the possibility of a potentially bullish fractal pattern in a recent tweet, showing that BTC may surge well past $100k in the coming years.
“Make your own conclusion,” he concisely noted while referencing the below chart.
Make your own conclusion. $BTC pic.twitter.com/DJquNwnaA1
— Inmortal technique (@inmortalcrypto) September 1, 2019
Massive BTC Buy Wall Could Bolster Bulls
In addition to strengthening technical formations, Bitcoin’s current bullishness could be bolstered by a massive 1,000 BTC buy wall that is currently on Binance.
Bitcoin Birch, another popular crypto analyst on Twitter, spoke about this buy wall in a recent tweet, noting that this buy order accounts for roughly 5% of Bitcoin’s total daily trading volume on Binance.
“Someone trying to buy 1000 $BTC on Binance – about 5% of typical Binance daily volume for Bitcoin in a few orders,” he noted.
Someone trying to buy 1000 $BTC on Binance – about 5% of typical Binance daily volume for Bitcoin in a few orders
s/o Reddit: voicebox88 pic.twitter.com/DAuQfbSTXI
— Bitcoin Birch
(@BitcoinBirch) September 2, 2019
As BTC pushes up against $10,000 – which is likely to be a level of relative resistance – a buy order of this magnitude could significantly bolster Bitcoin’s bulls and allow it to climb significantly higher in the coming days and weeks.
Featured image from Shutterstock.
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