RATE Group | Bitcoin Flashes Signs of Starting a Massive Bull Run, But One Key Hurdle Remains
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Bitcoin Flashes Signs of Starting a Massive Bull Run, But One Key Hurdle Remains

09 Jan Bitcoin Flashes Signs of Starting a Massive Bull Run, But One Key Hurdle Remains

Posted at 01:14h in Bitcoin News by

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Bitcoin’s meteoric uptrend over the past several days and weeks has allowed BTC to smash through multiple resistance levels that were previously hampering its price action, and yesterday’s break above $8,000 led to a sense of euphoria amongst the cryptocurrency’s bulls.

Analysts are now noting that Bitcoin could currently be caught within the early stages of the next major bull run, but it is important to note that how it responds to this one key price level could be the single factor that validates or invalidates this incredibly bullish possibility.

Bitcoin Hovers Around Key Support Level as Analysts Watch for Heightened Volatility

At the time of writing, Bitcoin is trading down roughly 1% at its current price of $8,020, which marks a notable decline from its daily highs of just under $8,400 that were set at the peak of the recent rally.

It does appear that in the near-term Bitcoin could be on the verge of breaking below its key support at $8,000, although each slight dip below…

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