This marks the first time in many weeks that the cryptocurrency has been able to post a sustained movement higher
Analysts are now closely watching whether or not it can surmount the resistance laced within the upper-$9,000 region
It is important to note that the selling pressure here is quite significant
This region also coincides with some crucial technical levels
One analyst is noting that a break above some of these levels could put into play a sequence that leads Bitcoin to fresh highs
Bitcoin and the aggregated crypto market appear to be entering a consolidation phase as BTC hovers within the mid-$9,000 region.
After seeing some slight momentum that allowed it to rally from $9,300 to highs of $9,600, it has now been trading sideways for the past 24-hours.
Despite this being positive for the cryptocurrency’s short-term outlook, for it to see long-term strength, it must surmount the heavy resistance that lies just above its current price.
A recent accumulation trend seen amongst investors may help provide it with further strength.
Bitcoin Faces Accumulation Trend as Buyers Slowly Push It Higher
After witnessing a multi-week consolidation phase between $9,100 and $9,300, Bitcoin investors were thrilled to see the $200 movement that sent its price surging up past $9,500.
Although it has not posted much follow through on this movement, analysts do believe that the crypto is technically strong.
One sign of strength is seen while looking towards a recent accumulation trend that closely preceded this latest push higher.
A popular crypto analyst pointed to this in a recent tweet, offering data showing strong buying pressure in the lower-$9,000 region.
“It looks like there was a lot of accumulation going on the past couple of days,” he explained.
Image Courtesy of Byzantine General.
This Technical Sequence Could Provide BTC With Major Momentum
Another respected analyst explained in a tweet that it is a pivotal moment for Bitcoin.
While pointing to a multi-year descending resistance line that currently sits just a few hundred dollars above BTC’s current price, he said that a break above this level and $10,500 could lead it to all-time highs.
“Bitcoin just retested the 3 year DTL dating back to Dec 17′. This week we could have our first ever close above it. We could also see a HH put in which could allow us to test 10.5k. This sequence could lead to new ath’s w/ break of June 19′ high,” he explained.
Image Courtesy of Pentoshi. Chart via TradingView.
Although Bitcoin may face some resistance at its 2019 highs of $13,800 if this breakout takes place, it may have enough momentum by then to shatter through this level.
Featured image from Unplash.
Charts and pricing data via TradingView.