On the heels of yesterday\u2019s massive Bitcoin rally, bulls have been able to support the cryptocurrency\u2019s price well above its support at $7,000, with their current strength pointing to the possibility that BTC will soon see further upside.<\/p>\n
It is important to note that the sideways trading at $7,300 that has resulted from this movement may soon resolve with a massive move, and multiple factors suggest that this upcoming price action will greatly favor bulls.<\/p>\n
Over the past several weeks, Bitcoin<\/a> has found itself caught within several bouts of sideways trading, and $7,300 always tends to be the price at which the cryptocurrency enters these consolidatory trends.<\/p>\n At the time of writing, Bitcoin is trading up nominally at its current price<\/a> of $7,350, which marks a slight decline from its daily highs of over $7,400, but a notable climb from its lows of $6,800 that were set just a couple of days ago when bears gained firm but fleeting control over bulls.<\/p>\n Bitcoin appears to currently be on the verge of making a massive movement, as CryptoBirb, a popular crypto analyst on Twitter, recently noted that some further sideways trading could push BTC above a descending resistance line, with a break above this potentially leading it to climb towards $8,000.<\/p>\n \u201cNgl would be nice to finally see some movement other than eternal sideways. $btc could use some action in here tbh,\u201d he concisely noted.<\/p><\/blockquote>\n ngl would be nice to finally see some movement other than eternal sideways$btc<\/a> could use some action in here tbh pic.twitter.com\/V4Fo7Wf2wX<\/a><\/p>\n — Adrian Zdu\u0144czyk, CMT (@crypto_birb) January 4, 2020<\/a><\/p><\/blockquote>\n\n