Bitcoin reaches decisive level – what analysts are now looking for
- It has been a wild last week for Bitcoin and the crypto market, with the benchmark crypto currency showing massive gains, while the rest of the market is also showing steady signs of strength.
- The Altcoins are moving into the spotlight, while the rally at BTC is stalling: selling pressure at $19,000 is slowing the rise, while Ethereum and smaller Altcoins are soaring.
- BTC trends in the near future will depend entirely on Bitcoin’s continued response to $19,000.
- One trader notes that Bitcoin is now at a crossroads, with its short-term trend possibly a linchpin for the medium-term outlook.
Bitcoin has shown some signs of immense strength in recent days and weeks, with selling pressure quite intense at around $19,000.
The medium-term market trends will depend by Bitcoin Legacy entirely on this level, as a rejection here could be incredibly fatal.
Nevertheless, a break above this level could be all that is needed to absorb an immense dynamic that will allow BTC to take off in the coming days and weeks.
The coming days should provide some insight into the crypto-trend, and one analyst also notes that BTC is now being traded at a nodal point.
Bitcoin fights against rejection after strong momentum
Currently Bitcoin is traded at a price of $18,375. This is below the price at which it has been traded in the last few days.
The selling pressure just above the current price has proven to be quite intense, but it has not yet triggered a strong rejection. This has led analysts to remain largely bullish on Bitcoin as they expect an imminent breakthrough above this key resistance level.
One analyst explains that Bitcoin is now reaching a critical point and that the short-term trend could set the tone for where Bitcoin (Buy Bitcoin? Click here for instructions) is heading in the coming days and weeks.
In particular, he observes the reaction to $19,000 and the support at $18,500.
„IMO, we are at this BTC node where… -buyers are aggressively emerging from the 18.5k support zone, as they did after last week’s early Asian slump, and we are trying again with 19k. OR -18.5 thousand buyers are [destroyed], we collapse and collapse again, ‚buy the dip‘ market is no more.
This means that the coming days will be crucial in determining where the whole market will go in the coming days and weeks.