After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.<\/p>\n
Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.<\/p>\n
At the time of writing Bitcoin<\/a> is trading up just under 2% at its current price<\/a> of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC\u2019s price had been hovering for the past couple of days.<\/p>\n It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.<\/p>\n Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.<\/p>\n In the near-term, BTC\u2019s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.<\/p>\n Big Cheds, a popular cryptocurrency<\/a> analyst on Twitter, spoke about this in a recent tweet, saying:<\/p>\n \u201c$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.\u201d<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> 30 min – Close watch on this level for potential continuation support pic.twitter.com\/HkNuzeELYZ<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) October 31, 2019<\/a><\/p><\/blockquote>\n\n