RATE Group | Bitcoin Forms Bullish Tweezer Bottom; Analyst Anticipates Swift Relief Rally
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Bitcoin Forms Bullish Tweezer Bottom; Analyst Anticipates Swift Relief Rally

30 Sep Bitcoin Forms Bullish Tweezer Bottom; Analyst Anticipates Swift Relief Rally

Posted at 21:27h in Bitcoin News by

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After incurring a sharp sell-off last night, Bitcoin’s bulls stepped up to the plate and were able to propel the crypto back into the lower-$8,000 region. This latest bout of volatility further confirms the notion that the upper-$7,000 region is a bastion of support for BTC.

Importantly, this price action also allowed the cryptocurrency to form a bullish formation that typically precedes long-term bottoms, although it is critical that BTC extends its upwards momentum in the near-term in order for this notion to be confirmed.

Bitcoin Pushes Back Above $8,000 After Brief Drop Towards $7,800 

At the time of writing, Bitcoin is trading up roughly 1% at its current price of $8,150, which marks a notable recovery from its daily lows of $7,800 that were set during the fleeting sell-off experienced by the aggregated crypto markets overnight.

Bitcoin’s sharp overnight sell-off that sent it down towards $7,800 was met with a sharp influx of buying pressure that has sparked what appears to…

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