Bitcoin has seen some relatively involatile trading in the time following its recent rejection at $9,500, as the cryptocurrency has been able to stabilize within the upper-$8,000 region.<\/p>\n
It is important to note that this stability has favored buyers due to the crypto being able to show some tempered signs of bullishness as it pushes up towards $9,000.<\/p>\n
In order for it to see a continuance of its recent uptrend<\/a>, it is imperative that the cryptocurrency\u2019s bulls are able to push it past the heavy resistance that has been established within the lower-9,000 region.<\/p>\n Analysts are noting that there is a confluence of factors that could be just enough to give the crypto some serious momentum that sends it surging even higher in the days and weeks ahead.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price of $8,970 \u2013 just a hair below its key near-term resistance at $9,000.<\/p>\n This marks a notable climb from daily lows of $8,700 that were set yesterday, and it does seem as though buyers have been able to establish this price level as a strong support region for the cryptocurrency.<\/p>\n BTC has faced a few notable rejections within the $9,000 region over the past couple of days. It first was rejected at $9,500 during the peak of its latest uptrend, before then facing another swift rejection at $9,200 yesterday.<\/p>\n It doesn\u2019t appear that these were enough to thwart buyer\u2019s momentum, however, as another test of this region is imminent.<\/p>\n One popular pseudonymous trader on Twitter explained in a recent tweet<\/a> that there are a few factors that lead him to believe the crypto is bound to see further upside in the days ahead.<\/p>\n \u201cBTC -Mex funding + premium index still negative -Above the yearly vwap \u00a0-Above the 200 DMA -Bullish 1D cloud -Halving in 10 days,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n -Mex funding+premium index still negative You might not call and short THE top but you\u2019ll save yourself a lot of potential headaches by just waiting for a break in 1D market structure.<\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) May 2, 2020<\/a><\/p><\/blockquote>\nBitcoin Inches Towards Key Resistance as Bullish Confluence Grows<\/strong><\/h2>\n
\n
-Above the yearly vwap
-Above the 200 DMA
-Bullish 1D cloud
-Halving in 10 days<\/p>\n