After consecutive days of strong price action in either direction, Bitcoin price experienced some pullback over the past 24 hours, threatening and testing important resistance at USD 8,000 several times before finally allowing itself to hover around USD 7,900 levels.
After North American markets came into play yesterday, 20 May 2019, selling pressure made some worrying but brief progress as Bitcoin headed into USD 7,600, seemingly to ail along with the stock markets, now being battered by economic and political turmoil domestically and overseas.
However, as Asian markets took over, Bitcoin once more showed its strength and made at least 3 breaches of USD 8,000, halting the pullback and allowing some respite in what seems to be good support lines.
Bitcoin transaction volume has slowly been dropping off as well over the same period, along with trading volumes, signaling a steady short-term phase of consolidation. Analysts believe this is consistent with the reaccumulation stage along with price consolidation, readying for another major rally towards USD 9,000.
The ability of Bitcoin to regain losses quickly over the past week has certainly made its impression on many traders:
Look at how price behaves for the last couple days:
– A big sell-off (bought back)
– A small pump
– Another try for sell-off (also bought back)
— xloutpa (@patrick_xlout) May 21, 2019
The likes of Guru Bitcoins are also no less bullish, insisting that the recent price stability can only point to a positive trend for Bitcoin.
— Guru Bitcoins (@bitcoins_guru) May 21, 2019
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post Bitcoin Pullback Restrained as Price Hovers at $7,900 in Consolidation appeared first on BitcoinNews.com.