After facing a significant amount of selling pressure that arose from its recent drop below $ 10,000, Bitcoin bulls have stepped up and are now trying to push BTC back into the five-figure price region.
These upwards momentum has been bolstered by a massive BTC buy wall on Binance and a bullish fractal pattern that may suggest that crypto's next parabolic movement is imminent.
Bitcoin Fractal May Suggest Imminent Price Surge
% at its current price of $ 9,850, which marks a decent sized surge from its recent lows of nearly $ 9,300 that were set last week.
Ever since Bitcoin plunged from its 2019 highs of $ 13,800, it has consistently found strong support in the $ 9,000 region, and the duration of each dip below $ 1
That being said, it is highly probable in the short term that $ 10,000 will act as a key resistance level, and any decisive br Even above this level could lead the cryptocurrency to surge significantly higher, though it still remains unclear as to whether or not bulls currently have enough strength to push the crypto towards other key resistance levels.
Inmortal Technique, a popular crypto analyst on Twitter , mused the possibility of a possibly bullish fractal pattern in a recent tweet, showing that BTC may have surged well past $ 100k in the coming years.
– Inmortal technique (@inmortalcrypto) September 1, 2019
Massive BTC Buy Wall Could Bolster Bulls
to strengthen technical formations, Bitcoin's current bullishness could be bolstered by a massive 1,000 BTC buy wall that is currently on Binance.
Bitcoin Birch, another popular crypto analyst on Twitter, spoke about this buy wall in a recent tweet, noting that this buy order accounts for roughly 5% of Bitcoin's total daily trading volume on Binance.
"Someone trying to buy $ 1000 BTC on Binance – about 5% of typical Binance daily volume for Bitcoin in a few orders," he noted.  Someone trying to buy 1000 $ BTC on Binance – about 5% of typical Binance daily volume for Bitcoin in a few orders🔥
s / o Reddit: voicebox88 pic.twitter.com / DAuQfbSTXI
– Bitcoin Birch 👨💻 (@BitcoinBir ch) September 2, 2019
As BTC pushes up against $ 10,000 – which is likely to be a level of relative resistance – a buy order of this magnitude could significantly bolster Bitcoin's bulls and allow it to climb significantly higher in the coming days and weeks.
Featured image from Shutterstock.