After facing some dire price action earlier this week, Bitcoin (BTC) has been able to incur some notable upwards momentum that has come about as a result of bull’s ardent defense of the cryptocurrency’s key support within the mid-$8,000 region.
The defense of this support, and subsequent rally higher, suggests that bulls have some underlying strength, and it also comes as the cryptocurrency’s fundamental strength grows.
BTC’s hashrate has been able to surge to fresh all-time highs today, which is a sign of fundamental strength that could mean further upside is imminent.
Bitcoin Shows Subtle Hints of Bullishness as Buyers Attempt to Capture Key Level
At the time of writing, Bitcoin is trading up 3% at its current price of $8,850, marking a notable climb from daily lows of roughly $8,450.
Multiple analysts had previously noted that $8,500 was a key support level that bulls needed to defend if they wanted to push the cryptocurrency higher, with yesterday’s price action seeming to confirm the importance of this level. Read More...