Bitcoin Gains Bullish Momentum and Nears $114K
Bitcoin is headed toward a bullish trend it appears after weeks of declining price levels and intense selling pressure.
Quick overview
- Bitcoin (BTC) has increased by 1.6% in the last day, showing signs of a potential bullish upswing.
- After a period of stagnation and decline since September 18th, Bitcoin has gained 2.1% since hitting a low of $111,485.
- High buying pressure is evident with a 24-hour trade volume of $49.6 billion, indicating strong interest in Bitcoin.
- Investors should monitor Bitcoin's ability to retain its gains, as losing momentum could signal ongoing selling pressure.
Bitcoin (BTC) has gained 1.6% in the last day, with much of its upward momentum happening in the last few hours, and this could be the start of a bullish upswing.
Since September 18th, Bitcoin has been either stagnating or declining, but now things have changed, and the coin is on its way upward. BTC bottomed out at $111,485 (BTC/USD) early on Wednesday morning. The coin has gained 2.1% since then, showing remarkable bullish momentum.
BTC/USDWhy Is Bitcoin Surging?
We are seeing tremendous buying pressure for the coin right now, with a $49.6 billion trade volume over the last 24 hours. That is only up about 2% from the previous day, but it is still high and shows that Bitcoin is drawing plenty of interest.
There has been substantial selling pressure in recent weeks, with whales selling off 147,000 bitcoins since August started. Many of these Bitcoins were purchased earlier in the year, which would indicate that Bitcoin is having trouble finding strong support among recent purchasers.
The coin may have completed its downward shift, however, and could start to see a greater level of investment from traders and less selling pressure moving forward. Bitcoin is benefitting from the recent September interest rate cut as well as strong government support in the United States. It has the potential to climb much higher, and with investors buying heavily into the dip right now, they could help the coin break through its recent resistance levels.
What investors should look for now is for the coin to retain its gains. If it loses steam quickly once it settles above a recent price high, then the coin may have trouble climbing back. That would indicate that selling pressure is still high and that investors are simply waiting for a higher price point to sell off. But if Bitcoin can hold onto its gains and keep on climbing for a short while, then that indicates that investors are strengthening their support in the coin and are looking for long-term gains.
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