- Bitcoin and the entire crypto market have been caught within the throes of an intense bout of consolidation over the past few days and weeks
- This has come about despite the crypto making attempts to both breakout and breakdown as of late
- Just last night, BTC showed some promising signs of moving higher that ultimately resulted in it facing yet another rejection within the mid-$19,000 region
- The selling pressure here was not enough to strike a blow to its underlying strength, as it has since flashed bullish signs as it inches higher
- One trader is pointing to 4 specific reasons for why he is not bearish on BTC at the present moment, concluding that a break above $20,000 is imminent
Bitcoin is currently inching higher after facing some weakness yesterday that caused the cryptocurrency’s price to decline from highs of $19,600 to lows of $19,050.
It has since climbed back up towards this key resistance region, and one analyst is pointing to a few key factors that seem to suggest upside is imminent.
BITCOIN SHOWS SIGNS OF STRENGTH AS PRICE RECOVERS
Where the cryptocurrency trends in the mid-term should depend largely on its reaction to the selling pressure between $19,500 and $19,800.
Once this region is broken above, all eyes will be closely watching for the $20,000 breakout, which is widely expected to spark the next massive rally.
THESE 4 FACTORS SHOW WHY BEARS ARE LOSING CONTROL OF BTC
“BTC I would be bearish here if: – This was a sweep into clean untested supply (area got tested 4+ times) – Funding was spiking positive (it’s going negative across the board) – Premium was spiking (spot going brrrrr). So yeah expecting a test of 20k fairly soon.”
Image Courtesy of George. Source: BTCUSD on TradingView.
Bitcoin’s reaction to the intense resistance just above its current price levels should shine a light on where it will trend in the mid-term.