Bitcoin is Resting on a Crucial Support Level; Here’s What Analysts are Saying
- Bitcoin and the entire crypto market stalled following the decline seen yesterday afternoon, with bull stepping up and slowing the descent
- This has marked a continuation of the bear-favoring trend seen throughout the week, as the cryptocurrency has been facing tremendous selling pressure
- This all began when BTC first broke below $19,000, as this has long been a pivotal level for the cryptocurrency
- Where the crypto trends in the mid-term should depend largely on where the aggregated market heads next
- One trader is now noting that a move up towards $18,1000 will likely take place in the near-term
- He adds that this is a resistance level, and that a break above this is required for it to see any reversal
Bitcoin and the entire cryptocurrency market have not seen too much upwards momentum as of late.
The strong uptrend that guided the market higher over the past couple of months has all but disappeared, as bears are now trying to take control. This weakness has come about due to the crypto’s inability to break above its previously set all-time highs.
One trader is now noting that the cryptocurrency could be on the cusp of seeing a rebound, but there’s a key level that it must first break above.
Bitcoin Struggles to Gain Momentum as Selling Pressure Mounts
At the time of writing, Bitcoin is trading down just under 2% at its current price of $17,900. This is around the price at which it has been trading throughout the past few days.
Where the entire market trends in the mid-term will depend largely on $18,000, as the crypto is close to testing this previous support level.
It remains unclear as to how strong the selling pressure at this level will end up being.
Analyst: BTC is Poised to See a Potential Reversal If It Can Break $18,100
While sharing his thoughts on Bitcoin’s present technical outlook, one analyst explained that Bitcoin is currently resting atop a key support level that could help it move higher in the near-term.
He also believes that $18,100 is a key level that needs to be surmounted.
“BTC LTF Analysis: Currently resting at support, these are my thoughts. Likely we could see a move back towards $18,100 to confirm it as resistance, needs to see a strong S/R flip of that level to get excited. Currently flat and watching. Shorting below $17,600 is not the play.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should offer insight into Bitcoin’s reaction to these key levels. A break above them could give room for it to see a rebound towards $19,000 as the weekly close approaches.
Featured image from Unsplash. Charts from TradingView.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Cole Petersen, @Khareem Sudlow