After facing extreme volatility over the past several days and weeks, Bitcoin (BTC) has found itself caught within a relatively tight trading range within the mid-$9,000 region, and where it goes from here could determine which direction it trends in the mid-term.<\/p>\n
Analysts are now noting that Bitcoin is currently sitting between two key levels, with resistance directly above its current price and support directly below it, and investors may soon gain greater insight into the long-term significance of its recent rally as it breaks above or below one of these levels.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $9,370, which marks a slight drop from its daily highs of just below $9,500 and a slight climb from its daily lows of $9,250.<\/p>\n This relatively tight trading range has come about shortly after BTC surged from lows of $7,300 to highs of over $10,500, and analysts are generally noting that it must hold above the lower-$9,000 region in the near-term in order for its uptrend to extend further.<\/p>\n Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about the importance of BTC holding above $9,000 in a recent tweet, explaining that a break below this level would also mark a break below its 200-day moving average.<\/p>\n \u201c$BTC – chop chop chop #bitcoin with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA\u2019s on higher time frames, lower ones being currently tested… Holding above $9k ideal for MA200 support,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – chop chop chop #bitcoin<\/a> with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA\u2019s on higher time frames, lower ones being currently tested… Holding above $9k ideal for MA200 support pic.twitter.com\/zjm9Dk6PA4<\/a><\/p>\n — BIG Chonis (@BigChonis) October 29, 2019<\/a><\/p><\/blockquote>\n\n