Analysts Flip Long on Bitcoin After Bulls Thwart Brief Sell-Off

Bitcoin’s bulls and bears have been engaged in a heated battle over the past several days and weeks, with BTC’s latest bout of volatility being a sharp downtrend that followed its recent attempt to surge past $8,000.

Analysts are now noting that they anticipate Bitcoin to see further gains in the near-term, with this notion being supported by the cryptocurrency’s ability to bounce off of its daily lows of $7,200 that were set during a sharp intra-day sell off that was incurred yesterday.

Bitcoin Bulls Attempt to Defend from Further Losses as Bears Roar

At the time of writing, Bitcoin is trading down just over 3% at its current price of $7,350, which marks a notable drop from its daily highs of $7,600.

Importantly, BTC’s recent sell-off was halted after buyers stepped in and defended the crypto’s near-term support level at $7,200 yesterday, leading it to bounce as high as $7,600. This bounce, however, did prove to be somewhat fleeting, as bears quickly pushed the crypto back…