Yesterday evening Bitcoin began facing heightened selling pressure that led it down to the $32,000 region.
The buying pressure here was significant and helped catalyze a rebound showing few signs of slowing down.
At the time of writing, Bitcoin is trading up just under 2% at its current price of $34,600. It has been facing immense resistance around $35,000, and it must flip this into support.
BTC is Flashing an “Impressive” Bounce as Local Bottom Forms
One analyst believes that Bitcoin is forming a local bottom, with the support that it is establishing in the lower-$30,000 region proving to be notable.
He explains that the low wicks on BTC’s 4-hour candles, combined with aggressive bidding each time it dips into this region, suggests that bulls are re-taking control of its price action.
“BTC – H4: Very impressive buy backs shown. I’m really liking those wicks on the bottom side of those h4 candles. I think we have found the local bottom for now, I could see us trading back in the 36 range here very quickly.”