This is the first time the crypto has been able to hold over this price level for an extended period in many weeks
The aggregated market is showing some signs of strength, as the downturn seen yesterday was erased by many individual altcoins
One analyst is now noting that there are several factors currently playing into Bitcoin’s favor
He notes that the confluence of these factors place it in firm bull territory, although there may be some pullbacks in the near-term
Bitcoin and the aggregated crypto market are starting to show some signs of strength following the recent turbulence.
Yesterday, BTC rallied independent from the rest of the market, posting notable gains while many altcoins cratered lower.
This led many to call for an end to the recent bull trend seen in the altcoin market, but many of these smaller tokens have since recovered much of their recent losses.
While looking towards Bitcoin, analysts are now noting that they expect the cryptocurrency to see further upside in the mid-term due to the culmination of a few crucial factors.
Bitcoin Shows Signs of Strength as Factors Paint a Bullish Picture
At the time of writing, Bitcoin is trading down by just under 1% at its current price of $9,330.
Before yesterday’s upswing, the cryptocurrency had been stuck within a tight trading range between $9,100 and $9,300, unable to gain any clear momentum.
It has since broken this range and is now navigating towards the heavy resistance that exists between $9,500 and $10,000.
Despite so far being unable to reach $9,500, there are a few factors currently playing in Bitcoin’s favor.
Mohit Sorout – a partner at Bitazu Capital and a respected analyst – explained that BTC’s overall trend coupled with a miner revenue metric paints a bullish picture.
He still notes that it is generally caught in “no man’s land” despite this.
“BTC trend is up, miner’s revenue metric paints a bullish picture. But CoT data suggests this is a local top. Literally no man’s land right now. However one thing that *should* work is getting in on the first breakout/breakdown & compound heavily from thereon.”
Image Courtesy of Mohit Sorout. Chart via TradingView.
These Bullish Technical Patterns Could Boost BTC in the Mid-Term
Sorout also explained that recent bull crosses between Bitcoin’s moving averages as well as a Hash Ribbons buy trigger both show that any imminent pullback may be short-lived.
“50×100 & 50×200 Golden Cross is a powerful signal of long term appreciation. Couple that with a Hash Ribbons buy trigger, even if a pullback comes it should be short-lived.”
Image Courtesy of Mohit Sorout. Chart via TradingView.
How the market trends in the short-term won’t negate the fact that the cryptocurrency’s long-term outlook remains bright.
Featured image from Unsplash.
Charts from TradingView.