{"id":410624,"date":"2020-01-12T17:00:45","date_gmt":"2020-01-12T17:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=410624"},"modified":"2024-06-11T13:40:21","modified_gmt":"2024-06-11T13:40:21","slug":"8900-bitcoin-eyes-major-rebound-as-bullish-confluence-grows","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/8900-bitcoin-eyes-major-rebound-as-bullish-confluence-grows\/","title":{"rendered":"$8,900: Bitcoin Eyes Major Rebound as Bullish Confluence Grows"},"content":{"rendered":"
Bitcoin (BTC) has been caught within the throes of volatility over the past several days and weeks, with this turbulent price action leading the cryptocurrency to surge as high as $8,300 yesterday before incurring a significant amount of selling pressure that briefly pushed it below its key support at $8,000.<\/p>\n
Buyers were able to defend against further downside, however, which ultimately led BTC to rebound to its current price levels around $8,200.<\/p>\n
Analysts are now noting that the confluence of multiple separate factors suggests that Bitcoin is on the verge of seeing another major rally, which could lead it as high as $8,900 before it meets any significant region of resistance.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 1% at its current price<\/a> of $8,185, which is squarely between its daily lows of $7,950 and its daily highs of just over $8,300.<\/p>\n Although these tempered daily gains may not seem like much, it is imperative to note that BTC was able to post a strong rebound after its short-lived dip to below $8,000, signaling that there is significant vitality amongst the cryptocurrency\u2019s bulls.<\/p>\n Analysts are now noting that Bitcoin and the aggregated crypto markets may soon see significantly further upwards momentum, with Nik Patel \u2013 a prominent cryptocurrency analyst \u2013 explaining in a recent blog post<\/a> that he is targeting a movement up to $8,900 next.<\/p>\n \u201cNow, looking at the 4H for more clarity, we can see that price thrust above the resistance zone at $7700 early in the week, immediately retesting and continuing towards $8500\u2026 ultimately looking for $8900 before any serious resistance is found,\u201d he noted.<\/p><\/blockquote>\nWhat Could Fuel a Further BTC Rally Towards $9,000?<\/strong>\u00a0<\/strong><\/h2>\n