Bitcoin May Be Forming Long-Term Bottom as Bulls Fight Back

As reported by NewsBTC, “After an extended period of trading sideways around $8,500, Bitcoin’s bulls have begun to fight back, pushing the crypto towards $8,700. In spite of this upwards movement today, it is important to note that BTC has not yet been able to climb back above its previous support level around $8,800.

“Analysts are now noting that they believe Bitcoin is close to forming a long-term bottom that will help propel its price higher in the near-term, in spite of the bearish conditions surrounding its trading volume.

“At the time of writing, Bitcoin is trading up over 1% at its current price of $8,650, which marks a decent climb from its recent lows of $8,300 that were set at the bottom of the drop that BTC incurred earlier this week.

“Prior to visiting these lows earlier this week, Bitcoin had been finding significant support between $8,700 and $8,800, so it is highly probable that this level will now act as resistance as bulls attempt to push the cryptocurrency back above this price region…”