After facing some dire price action earlier this week, Bitcoin (BTC) has been able to incur some notable upwards momentum that has come about as a result of bull\u2019s ardent defense of the cryptocurrency\u2019s key support within the mid-$8,000 region.<\/p>\n
The defense of this support, and subsequent rally higher, suggests that bulls have some underlying strength, and it also comes as the cryptocurrency\u2019s fundamental strength grows.<\/p>\n
BTC\u2019s hashrate has been able to surge to fresh all-time highs today, which is a sign of fundamental strength that could mean further upside is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 3% at its current price<\/a> of $8,850, marking a notable climb from daily lows of roughly $8,450.<\/p>\n Multiple analysts had previously noted that $8,500 was a key support level that bulls needed to defend if they wanted to push the cryptocurrency higher, with yesterday\u2019s price action seeming to confirm the importance of this level.<\/p>\n The bullish response to this key support also comes as Bitcoin\u2019s buyers attempt to propel it above its EMA 34, with today\u2019s test of this level marking the first one seen since the crypto was trading at $9,900.<\/p>\n Big Cheds, a prominent cryptocurrency analyst on Twitter, spoke about this level in a recent tweet, saying:<\/p>\n \u201c4 hour – Bulls advancing, first EMA 34 test since $9900.\u201d<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> 4 hour -Bulls advancing, first EMA 34 test since $9900 https:\/\/t.co\/oC1EtQuN0H<\/a> pic.twitter.com\/pwl3wtaS7J<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) March 2, 2020<\/a><\/p><\/blockquote>\n\n