After facing a significant amount selling pressure yesterday that sent Bitcoin reeling down to the lower-$11,000 level and most major cryptocurrencies plunging 10% or more, the aggregated crypto markets have now incurred a decent amount of buying pressure that has allowed them to buck the recent bear trend.
This newfound bullishness comes as public interest in Bitcoin is on the decline, which supports the notion that now is still a good time to accumulate, regardless of the recent bout of selling pressure experienced by the volatile asset.
Bitcoin Climbs Towards $12,000 as Bulls Attempt to Reverse Recent Bear Trend
At the time of writing, Bitcoin is trading up over 4% at its current price of $11,830, which is up significantly from its 24-hour lows of $11,100 that were set yesterday.
Over a one-week period, BTC has experienced massive volatility that sent the cryptocurrency to highs of $13,200, at which point it incurred a sudden and sharp influx of selling pressure that overwhelmed the cryptocurrency’s bulls and sent its price to $11,000 – where it found support.
This price action is simply an extension of the consolidation that Bitcoin has been experiencing ever since its sharp rise, and subsequent collapse, from $13,800 in late-June.
Alex Krüger, a popular cryptocurrency analyst on Twitter, spoke about the key price levels that he is watching in the near-term, noting that he is generally bullish on BTC, so long as it maintains some stability.
“$BTC views update: Mid/long term bullish. Short term bullish above 11500/11600, bearish below 11300. R: 11800, 12000, 12300, 12500. Key level above for bears to defend is 12300. If price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760,” he explained in a recent tweet.
Retail Investor’s Interest in BTC Dwindles Despite Recent Volatility
The past 48-hours have been quite exciting for the crypto markets, as the chair of the US Federal Reserve – Jerome Powell – recently stated in front of the Senate that Bitcoin is currently more like an alternative to gold.
Shortly after these statements were made, US President Donald Trump shot off a series of tweets discussing Bitcoin, cryptocurrency, and Facebook’s Libra project.
Although he claimed that he was “not a fan” of cryptocurrency, the sheer amount of press the statement received has been viewed as being bullish by many analysts.