Bitcoin Buyers Absorb a Massive Influx of Selling Pressure; Bullish Continuation Inbound?

Bitcoin BTC

Bitcoin was able to incur some steady upwards momentum yesterday, which allowed its price to rapidly climb up to its 2020 highs of $9,200 before it faced some strong selling pressure that led it to plummet back towards $8,900.

Buyer were able to absorb the majority of this selling pressure, however, and have allowed the cryptocurrency to recapture its position in the $9,000 region.

Analysts are now noting that they anticipate BTC to see some further momentum, although its reaction to $9,200 will be critical for determining where it goes next.

Bitcoin Struggles to Maintain Above $9,000, But Bulls Fight Ardently

At the time of writing, Bitcoin is trading up just under 2% at its current price of $8,990, which marks a slight decline from its daily highs of $9,150 that were set at the peak of yesterday’s rally.

Almost instantly after the cryptocurrency tapped this level, it faced a swift retrace that led it to decline to its current price levels, although the downtrend resulting from this rejection hasn’t cut too deep, suggesting that BTC may be bound to once again make a bid at breaking through this level.

Satoshi Flipper – a prominent cryptocurrency analyst on Twitter, spoke about Bitcoin’s reaction to the latest rejection in a recent tweet, noting that it is looking incredibly bullish at the moment.

“That dump was instantly bought up and price actions looks bullish af. It’s a bull market folks and we’re going to see bull market things. Bulls will take control at their pleasure. I suspect $9.4k could be next,” he explained.

In spite of this potential near-term bullishness, other analysts are noting that they are neutral on the cryptocurrency until it decisively breaks above $9,200.

Nik Patel – another well respected crypto analyst on Twitter – spoke about this in a recent tweet, explaining that although BTC printed a bullish SFP on its hourly charts, it won’t be confirmed until it tags $9,200.

“Flat on BTC positions atm. Waiting to see if 9200 gets tagged again, since we just printed a bullish SFP on the hourly and still have a few hours to go today… Sidelines for now,” he explained while pointing to the chart seen below.

How BTC trends in the next couple of hours may prove to be critical for determining which direction the cryptocurrency will head in the days and even weeks ahead.