Bitcoin (BTC) continued to trade below $90,000 ahead of the new year, but showed a slight recovery in the last 24 hours.
While it remains to be seen whether the upward trend will continue, a bullish report has come from the analysis company 10X Research.
Accordingly, 10X Research analysts stated that Bitcoin has experienced an upward breakout, and if this breakout continues, an uptrend lasting several weeks could ensue.
10x Research believes that Bitcoin’s current price structure began with the sharp crash on October 10th.
Selling pressure on Bitcoin increased after the Fed’s decision on October 29th, as a hawkish message was delivered at the meeting.
While Bitcoin experienced significant sell-offs, buyers remained cautious, resulting in the downtrend lasting longer than expected. Although selling pressure began to ease in November, buyers’ caution caused Bitcoin to trade sideways for weeks, testing the patience of both bulls and bears.
However, according to analysts, the picture may be changing. Analysts believe Bitcoin recently broke above the downtrend line, signaling a potential trend exhaustion. Key support near the $85,000 region remains strong, strengthening buyer confidence. As long as Bitcoin stays above this level, the market will avoid deeper losses, potentially leading to an uptrend.
*This is not investment advice.
