The crypto markets have dropped slightly today after tepidly climbing higher over the past week. Despite this, Bitcoin (BTC) has been able to firmly establish its position within the $5,000 region and has not incurred any significant selling pressure after climbing towards $5,300.
Although many analysts are currently looking towards freshly formed levels of support and resistance for where BTC is heading next, one technical indicator may signal that the cryptocurrency is on the verge of another bull run.
Analyst: Bitcoin (BTC) a Good Buy Between $4,900 and $5,150
At the time of writing Bitcoin is trading down less than 1% at its current price of just below $5,300. BTC is down slightly from its daily highs of $5,360, but did not incur any significant selling volume after nearing $5,400, which has historically proven to be a strong level of resistance for the cryptocurrency.
It now appears that Bitcoin is caught in a newly formed trading range between approximately $5,000 and…
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