RATE Group | Bitcoin May Soon Make a Big Movement That Favors Bulls
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Bitcoin May Soon Make a Big Movement That Favors Bulls

04 Nov Bitcoin May Soon Make a Big Movement That Favors Bulls

Posted at 21:11h in Bitcoin News by

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After facing some downwards pressure yesterday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to climb back to $9,300, which marks a slight climb from its daily lows of $9,150.

Analysts are now noting that Bitcoin is currently caught within a wide descending channel over a long-time frame, but a bullish formation that it is currently caught within on a lower-time frame may mean that a visit to the upper boundary of this channel is imminent.

Bitcoin Climbs Slightly as Analysts Anticipate Imminent Big Movement

At the time of writing, Bitcoin trading up roughly 1% at its current price of $9,300, which is the highest point that it has been trading at over the past 24 hours.

Bitcoin’s short-term bullishness came about after the crypto briefly visited $9,150 yesterday, which appears to be a near-term level of support that could bolster the cryptocurrency’s price action in the near-term.

It is important to note that the past few weeks have marked a…

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