RATE Group | Here’s Why a Visit to This Key Bitcoin Support Level Could Spark a Major Rally
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Here’s Why a Visit to This Key Bitcoin Support Level Could Spark a Major Rally

11 Jan Here’s Why a Visit to This Key Bitcoin Support Level Could Spark a Major Rally

Posted at 22:52h in Bitcoin News by

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Bitcoin has been hovering within the lower-$8,000 region for the past day, struggling to gain any significant momentum as the resistance between its current price and $8,400 continues to absorb the majority of BTC’s buying pressure.

Analysts are noting that Bitcoin may have to drop to a critical support level before it can muster up enough buying pressure to spark the next sustainable rally, which could lead the cryptocurrency to set fresh multi-month highs.

Bitcoin Struggles to Gain Momentum as Analysts Anticipate Near-Term Downside

At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,160, marking only a slight climb from its daily lows of just over $8,000.

$8,000 appears to be a key psychological price level for the cryptocurrency in the near-term, as it becomes support each time BTC is trading above it, and resistance when it is below.

It is important to note that Bitcoin is currently stuck beneath a descending resistance line that was established…

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