Bitcoin Forming Bullish Long-Term Bottom Formation; Key Levels to Watch For

Bitcoin (BTC) has been able to incur some decent upwards momentum in the time since its faced a strong and swift rejection around $7,800, as it has since climbed up towards $7,600.

Analysts are noting that this recent price action may point to the possibility that Bitcoin is forming a bullish long-term bottom formation, which comes shortly after the cryptocurrency failed to post any decisive bullish follow through from its recent inverse head and shoulders pattern.

Bitcoin Climbs Towards Resistance Levels Within Upper-$7,000 Region

At the time of writing, Bitcoin is trading up 2% at its current price of $7,560, which marks a notable climb from its recent lows of just above $7,000 that have proven to be a long-term support level for the cryptocurrency.

Earlier this past week, Bitcoin incurred tremendous volatility that led its price to surge as high as $7,800 before it incurred a sharp and sudden retrace that sent it right back down to the lower-$7,000 region.

Following this seemingly…