{"id":410386,"date":"2020-01-10T01:00:14","date_gmt":"2020-01-10T01:00:14","guid":{"rendered":"https:\/\/uniquehot.com\/?p=410386"},"modified":"2024-06-11T13:36:25","modified_gmt":"2024-06-11T13:36:25","slug":"bitcoins-next-macro-uptrend-is-close-to-starting-as-btc-confirms-long-term-bottom","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoins-next-macro-uptrend-is-close-to-starting-as-btc-confirms-long-term-bottom\/","title":{"rendered":"Bitcoin\u2019s Next Macro Uptrend May Start Sooner Than You Think"},"content":{"rendered":"

After posting what appeared to be a grim break below $8,000 yesterday, Bitcoin\u2019s bulls have thus far been able to step up and defend a key monthly support level that is the only thing stopping BTC from posting significantly further losses.<\/p>\n

The cryptocurrency\u2019s ability to hold above this level is bullish, and further confirms the possibility that it is in the process of forming a long-term bottom that could ultimately spark the next macro uptrend.<\/p>\n

Bitcoin Finds Support at $7,777; Here\u2019s Why That\u2019s So Important<\/strong><\/h2>\n

Bitcoin\u2019s recent climb<\/a> to highs of $8,400 was met with a significant amount of selling pressure<\/a> that overwhelmed the crypto\u2019s buyers and appeared to have resulted in a strong rejection.<\/p>\n

This overt rejection led the cryptocurrency as low as $7,777 a few hours ago, just prior to bulls stepping up and ardently defending this level, which resulted in BTC climbing back towards $8,000. Although the crypto did fave a slight rejection at $8,000, it has still been able to hold above its key support.<\/p>\n

The reason why today\u2019s defense of this aforementioned level is so important is because this has been a key historical support and resistance region for Bitcoin, with this being further confirmed earlier this week when its price dipped to this price before starting it ascent to its recent highs.<\/p>\n

The Wolf of All Streets, a popular crypto analyst on Twitter, spoke about the importance of bull\u2019s recent defense of this level, telling his followers that he believes the next major movement will favor buyers.<\/p>\n

\u201c$BTC: Filled my orders at $7,777 and at the red line at $7,875. A few hidden bull divs. Price held the 21 EMA and closed back above the top of the old range (red). Those are all of the things I was hoping for from this candle. Could still go either way but my criteria are filled,\u201d he explained.<\/p><\/blockquote>\n

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$BTC<\/a><\/p>\n

Filled my orders at $7,777 and at the red line at $7,875. A few hidden bull divs. Price held the 21 EMA and closed back above the top of the old range (red). Those are all of the things I was hoping for from this candle. Could still go either way but my criteria are filled. pic.twitter.com\/c6dgwV6T1h<\/a><\/p>\n

— The Wolf Of All Streets (@scottmelker) January 9, 2020<\/a><\/p><\/blockquote>\n