Bitcoin incurred a significant amount of buying pressure yesterday that allowed it to surge past $5,600, which instantly made many investors and analysts alike to flip bullish on the cryptocurrency. Despite this, BTC was unable to hold support at this price level and has since fallen into the $5,400 region.<\/p>\n
Now, one analyst believes that Bitcoin is close to being ready to form another leg up, on the condition that it is able to garner a strong buying reaction if it is to dip into the $5,300 region.<\/p>\n
At the time of writing Bitcoin<\/a> is trading down roughly 2% at its current price of $5,490. On Monday, Bitcoin incurred a relatively large amount of buying pressure that pushed its price to the mid-$5,600 region, at which point it faced increased selling pressure that drove its price back down to its current levels.<\/p>\n It is important to note that BTC is still trading up from its weekly lows of $5,230 and is just slightly below its one-month highs of $5,650, which were set yesterday.<\/p>\n UB, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s current price action, explaining that he is closely watching to see how BTC responds to the $5,300, as a strong reaction to this price level may allow the crypto to form another leg up.<\/p>\n \u201c$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area. If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade. Whichever scenario happens, the end goal is the same ($5300),\u201d he explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> – I'm leaning towards another leg up if there's a strong reaction from the ~$5300 area. <\/p>\n If there's a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade,<\/p>\n Whichever scenario happens, the end goal is the same ($5300).#Bitcoin<\/a> pic.twitter.com\/Gkdhz8kNP4<\/a><\/p>\n — UB (@CryptoUB) April 24, 2019<\/a><\/p><\/blockquote>\n\n