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Bitcoin Likely to Retest Highs as Bulls Erase Yesterday’s Losses

Cole Petersen

Cole Petersen | Nov 08, 2020 | 16:31

Bitcoin

Bitcoin Likely to Retest Highs as Bulls Erase Yesterday’s Losses

Cole Petersen

Cole Petersen | Nov 08, 2020 | 16:31


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  • Bitcoin is seeing some immense strength today as its price rallies past $15,000 once again
  • The cryptocurrency has been struggling to hold above this level after it faced an intense influx of selling pressure at $16,000
  • The rejection here wasn’t too intense, however, as Bitcoin’s latest pullback was short-lived and followed by immense upside
  • Where it trends next will likely depend largely on how strong of support bulls can build at $15,000
  • If it breaks below this level again, it could indicate that a trend reversal is imminent
  • One well-respected trader is now noting that he is watching for a move to $15,600 in the near-term, also expecting altcoins to see further strength

Bitcoin and the aggregated cryptocurrency market are rallying higher today, with BTC leading the way following its rebound from lows of $14,400 set at the peak of the latest selloff.

Buyers are aggressively buying each dip that the crypto faces, a tell-tale sign that bulls are in full control of its outlook.

Where it trends in the mid-term may depend largely on whether or not bulls can build support at $15,000 and either kick off a consolidation phase or push it above $16,000.

One trader is noting that he expects further upside to ensue in the days and weeks ahead.

Bitcoin Shows Signs of Strength as Buyers Absorb Recent Selloff

At the time of writing, Bitcoin is trading up over 3% at its current price of $15,300, which is around the price at which it has been trading throughout the past few days.

Yesterday, bears attempted to break this stability when they pushed its price at low as $14,400, with the support here being significant enough to spark a nearly instant rebound that led it up to where it is currently trading at.

There’s a strong possibility that this rebound will mark the start of the crypto’s next leg higher.

Analyst Claims Move Higher is Imminent Following BTC Rebound

One legendary pseudonymous trader explained in a recent tweet that he expects Bitcoin to test its supply region at $15,600 before making any serious move higher.

“I’ll keep this one brief, think we retest supply at 15.6k before any big move on BTC. Altcoins moving quite a bit more as a higher beta play as bitcoin cools off a bit.”

Bitcoin

Image Courtesy of Flood. Source: BTCUSD on TradingView.

The coming few days should provide insight into the significance of this latest Bitcoin rebound.

Featured image from Unsplash.
Charts from TradingView.

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