Bitcoin and the aggregate crypto market have shown some signs of weakness as Bitcoin hovers above its main support level at $ 9,000.The recent drop from the $ 9,800 highs is the result of multiple strong rejections within the region’s top $ 9,000, with the recent drop triggered by news that a 2009 wallet transmitted 50 BTC.It doesn’t look like the technical damage this recent decline has done is enough to make up for its strength – analysts are now seeing that BTC may be able to climb higher in the near future.
Bitcoin remains above the main rising trend line
At the time of writing, Bitcoin is quoted at $ 9,140. This marks a remarkable upswing from the daily lows of $ 8,800 set during an overnight decline.Buyers absorbed this slump and then helped the cryptocurrency rise.It seems that Bitcoin’s response to this level suggests that, despite its apparent weakness in recent days and weeks, Bitcoin has some basic strength.An analyst recently pointed to an ascending trend line that defended the cryptocurrency as the reason its upward trend remains strong in the near future.
BTC could move to the upper $ 9,000 region
The trend line mentioned is not the only thing that could boost Bitcoin in the coming days and weeks.Analysts are also finding that cryptocurrency cloud resistance is currently being broken, with a daily close above the cloud’s lower limit may be sufficient to trigger an upward trend.This upward trend may not bring the cryptocurrency back up to $ 10,000 again, but it could reach the mid-$ 9,000 range, an analyst notes.