Bitcoin has prolonged its bout of sideways around its key near-term support level at $8,200 and has continued showing some signs of underlying bearishness as BTC\u2019s bulls fail to push it higher in the near-term.<\/p>\n
Importantly, analysts are noting that Bitcoin is currently building significant support just below its current price level, which could mean that its bulls are building strength and will lead the crypto higher in the coming days and weeks.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of $8,200, which marks a slight rise from its daily lows of $8,100.<\/p>\n It does appear that Bitcoin is currently caught within an incredibly tight trading range between roughly $8,100 and $8,300, which is the price range that the crypto has been trading within for the past several days.<\/p>\n It does appear that the $8,100 region has become a critical support level for BTC<\/a> in the time since it bounced from its recent lows of $7,800, with Big Cheds, a popular crypto analyst on Twitter, pointing to this support in a recent tweet, saying that wicks below it can provide ideal short-term long opportunities.<\/p>\n \u201c$BTC #Bitcoin 1 hour – testing recent support on LTF – recent psuedo hammer with dip below lower BB may provide a scalp entry,\u201d he said while pointing to the below chart.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> 1 hour – testing recent support on LTF – recent psuedo hammer with dip below lower BB may provide a scalp entry pic.twitter.com\/uA191bungo<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) October 4, 2019<\/a><\/p><\/blockquote>\n\n