Here’s the Crucial Level Bitcoin Needs to Break Before Analysts Flip Bullish
- Bitcoin has been struggling to hold above $19,000 for the past couple of days, with the selling pressure above this price level proving to be significant
- If sellers continue suppressing the cryptocurrency’s price action and hold it below this level for an extended period of time, it could lead to some serious losses
- One trader is now noting that Bitcoin could still be on the cusp of seeing further upside in the hours ahead, noting that $19,400 is his near-term target
- This is the last resistance level before the crypto rallies towards the resistance between $19,800 and $20,000
- A break above this level could mean that fresh all-time highs are imminent for the entire crypto market
Bitcoin and the rest of the crypto market have been consolidating throughout the past few days.
Despite the countless rejections that the crypto has seen within the $19,000 region, BTC has been able to avoid seeing any sustained move lower over the past few days and weeks.
Its continued ability to hold above this level does favor bills and seems to indicate that further upside could be imminent in the days and weeks ahead.
One trader echoed this sentiment, explaining that a move up towards $19,400 could be imminent. A break above this level would be technically significant.
Bitcoin Holds Above $19,000 as Sellers Hold Key Level
At the time of writing, Bitcoin is trading down just under 1% at its current price of $19,100. This is around the price at which it has been trading throughout the past few days.
Where the cryptocurrency trades in the mid-term will depend largely on its continued reaction to this key level. The selling pressure here has been intense in the past, but bulls have been guarding against any sustained decline below this level.
Here’s Where Analysts Expect BTC to Trend Next
One trader believes that upside is imminent for the cryptocurrency, with its ability to hold above $19,000 being a positive sign for Bitcoin’s near-term outlook.
He is now looking towards $19,400 as its next target, with this being the last resistance before its all-time highs.
“Trend tools and other positioning tools are lining up in a similar fashion. No swings until bids hit at the low or we clean break 19400. BTC Intraday has been two-way trading now for a bit so nothing changes there.”
Image Courtesy of Cantering Clark. Source: BTCUSD on TradingView.
Where the market trends in the mid-term will likely depend entirely on whether or not Bitcoin will break below $19,000 or above $19,400 first.
Featured image from Unsplash. Charts from TradingView.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Cole Petersen, @Khareem Sudlow