Par for the Course: Bitcoin Difficulty Drop Actually a Bullish Sign

As reported by NewsBTC, “Bitcoin has once again found itself caught within a bout of consolidation as it ranges sideways above its key near-term support level at $8,700. Despite BTC’s recent sell-off that sent it reeling below $9,000, the cryptocurrency’s bulls have been able to defend this support level, which may be a bullish sign.

“Although there are analysts that anticipate Bitcoin to see further downside in the near-term, it is imperative to note that one prominent analyst is now pointing to Bitcoin’s mining difficulty adjustment as a sign that another major bull run is imminent.

“At the time of writing, Bitcoin is trading up marginally at its current price of $8,780, which is just a hair above its key near-term support level of $8,700 that has held strong over the past several days and weeks.

“It does appear that BTC is currently forming a fresh trading range between $8,700 and $8,900, as its price has been caught within this range for the past couple of days. If this range continues holding strong, traders may be in for another extended period of sideways trading similar to that seen when the crypto was caught between $9,000 and $9,500…”