Following Bitcoin\u2019s recent immense volatility, the cryptocurrency has found itself caught within an extended bout of sideways trading that has led BTC to hover around $8,100 for the past couple of days.<\/p>\n
In the near-term, the cryptocurrency\u2019s bulls and bears do appear to remain at an impasse, which has muddied the clarity that some analysts previously had as to where BTC could be heading next.<\/p>\n
Over a macro time frame, it is clear that Bitcoin is currently in a firm uptrend, which is leading some analysts to note that a continued defense of its key support by bulls could lead the cryptocurrency to climb as high as $8,750 in the coming hours and days.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of $8,135, which marks a notable decline from its daily highs of $8,200 that were set yesterday.<\/p>\n When bulls generated some buying pressure that allowed the crypto to climb up towards $8,200 yesterday afternoon, the crypto incurred a strong as swift rejection that led it to drop as low as $8,000 before it found notable support.<\/p>\n Josh Rager, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the key support level<\/a> he is watching for in the near term $7,700, as a failure to hold above this level could spark a major sell-off.<\/p>\n As for upside targets, Rager believes that Bitcoin could surge up to $8,750 if its bulls are able to push it above $8,170.<\/p>\n \u201c$BTC Update: $8170s is a significant area for Bitcoin to break and close above on higher time frame charts. It’s been an important support\/resistance and high volume area (POC) for trading. Next resistance to break is $8750. And things get bearish below $7700s,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/72711168<\/p>\n Rager is not alone in his belief that bulls could soon push BTC up towards the upper-$8,000 region, as Squeeze, another popular crypto analyst, recently told his over 100k followers that a key trendline is currently pushing Bitcoin up \u2013 which could mean a movement to $8,650 is inbound.<\/p>\n \u201cDaily chart is holding quite well. As long as the trendline holds, I think we’re heading to $8,650,\u201d he explained.<\/p><\/blockquote>\n Daily chart is holding quite well. — Squeeze (@cryptoSqueeze) January 13, 2020<\/a><\/p><\/blockquote>\nThis Key Trendline May Bolster BTC in the Near-Term<\/strong><\/h2>\n
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As long as the trendline holds, I think we're heading to $8,650#Bitcoin<\/a> $BTC<\/a> pic.twitter.com\/cZAYgi7dGm<\/a><\/p>\n