RATE Group | Bitcoin May Have Room to Run Before Downtrend Continues
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Bitcoin May Have Room to Run Before Downtrend Continues

17 Oct Bitcoin May Have Room to Run Before Downtrend Continues

Posted at 21:13h in Bitcoin News by

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After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean that bulls will garner greater strength in the near-term that could help propel BTC higher.

Analysts are noting that Bitcoin likely has further room to run in the near-term, but it is important to note that a strong resistance level that exists just slightly above Bitcoin’s current price could halt this rally and force BTC to extend its recent downtrend.

Bitcoin Climbs from Daily Lows as Bulls Attempt to Spark Rally

At the time of writing, Bitcoin is trading up just under 1% at its current price of $8,090, which marks a climb from its recent lows of $7,900 that were set yesterday when the crypto lost the support it had previously built at $8,000.

Today’s bounce pales in comparison to even that seen earlier this week when Bitcoin ran to highs of just below $9,000…

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