Bitcoin and the aggregated crypto markets have posted a decently strong rally overnight after incurring a steady stream of downwards pressure that has sent BTC to fresh multi-month lows within the lower-$7,000 region.<\/p>\n
Analysts are now noting that this latest bounce came about after the crypto visited a key long-term support level and are also noting that this latest bounce may send BTC back towards the upper-$7,000 region in the coming few hours.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 2% at its current price<\/a> of $7,650, which marks a decent surge from its recent lows of $7,350 that were set earlier this week.<\/p>\n Today\u2019s surge marks the first time that bulls have shown signs of any strength ever since BTC began its downwards ascent from the lower-$8,000 region, which is where it previously found significant support that dissolved earlier this week.<\/p>\n In the near-term, it is probable that BTC may face some resistance around its previous support level at $8,000, which could mean that the crypto has some further room to run before its current rally slows down.<\/p>\n As for what sparked this Bitcoin movement, Big Cheds, a popular cryptocurrency analyst on Twitter, concisely noted in a recent tweet that it appears to be a bullish response to its recent visit to its lower Bollinger Band \u2013 which is a critical support level that bulls need to hold if they want to spark a fresh uptrend.<\/p>\n $BTC<\/a> #Bitcoin<\/a> nice response so far pic.twitter.com\/NckULD5913<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) October 25, 2019<\/a><\/p><\/blockquote>\n\n