2020-12-16 21:00 |
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.
This spike came about following a multi-day period of consolidation that allowed BTC to paint a bullish flag on its chart, but the selling pressure within the mid-to-upper $19,000 region once again caused it to see a sharp rejection.
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 RecoversAt the time of writing, Bitcoin is trading up just under 1% at its current price of $19,400. This marks only a slight decline from its daily highs of $19,600 that were set yesterday evening.
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 BTCOne trader explained in a recent tweet that 4 primary factors are pivotal to a bear thesis, and none of them are currently in play for Bitcoin.
“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.
Featured image from Unsplash. Charts from TradingView. origin »Bitcoin (BTC) на Currencies.ru
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