Bitcoin is once again trading over $19,000 as this is a crucial level for the crypto currency the cops have tried to convert into support.
It remains unclear whether BTC will be able to establish meaningful support at this level.
The selling pressure in this area has proven to be significant in the past and could continue to hinder growth.
The next market trends will probably still depend on whether or not BTC is able to recover above its all-time high of $19,800.
Whether or not Bitcoin can gain a foothold in this price region should provide serious guidance as to where it will move next.
One analyst also believes that a breach above $19,400 this weekend could mean that a move to new highs is imminent.
Bitcoin and the entire crypto market has seen some consolidation in the last few days.
The selling pressure, which has been evident after each rally to all-time highs, has been intense and has triggered several sell-offs.
Bitcoin has reached several higher lows and shows no intense signs of weakness.
One trader now notes that a breakthrough above $19,400 USD could be all that the crypto currency needs to recover to new all-time highs.
Bitcoin demands $19K back
Currently Bitcoin is quoted at a price of 19,150 dollars. This is roughly the range in which it has been traded in the last few days.
Today’s re-conquest of the $19,000 level is positive as it indicates that the crypto currency could experience serious uptrends in the near future.
Whether or not it can gain a strong foothold over this region should provide some serious insight into its medium-term prospects.
Trader: Breakthrough above $19,400 could lead to serious upswing
A trader writes in a tweet that he is looking for a short-term breakthrough above $19,400.
He claims that this will allow the crypto to set new all-time highs, as this is now the last resistance level before $20,000.
“Bitcoin: And since $19,400 and $19,150 were rejected, the low was tested in the $18,500 range, which was tweeted yesterday. All fine, rangebound constructions continue. Breaking $19,400 = new ATH. Loss of $18,500 = probably $16K tests.”
Image courtesy of Michael van de Poppe.
The overall market development in the coming days and weeks will probably depend on Bitcoin’s further reaction to the two price levels mentioned above.