Bitcoin and the aggregated cryptocurrency market are currently rising, with the bulls aiming to erase any losses incurred from the recent sell-off.
The pressure to sell around Bitcoin’s all-time high in the mid $ 19,000 region was not surprising – but it may not remain strong the next time this level is tested
Traders believe today’s boom may not last long, with selling pressures in the below $ 18,000 region possibly being a major drag on the cryptocurrency.
One trader specifically points out that all major levels point to the region around $ 18,400 as the key level to overcome.
Over the past few days and weeks, Bitcoin’s price action has done little to give traders some insight into where the entire market is headed next.
After the cryptocurrency rose to its all-time highs of $ 19,500, it faced a staunch opposition that drove it down to $ 16,400.
This sell-off put the cryptocurrency in oversold territory as its price experienced massive momentum as a result, bringing it to over $ 18,000.
Where Bitcoin goes next will largely depend on the region around $ 18,400, as this is considered the key level as mentioned.
Bitcoin is gaining momentum, selling pressure is easing
Bitcoin is currently trading at $ 18,100, a remarkable increase from recent lows of $ 16,400 set at the end of the recent market-wide sell-off.
Bitcoin’s development in the coming days and weeks will largely depend on whether the asset can gain a firm foothold in the lower $ 18,000 range or not. If this succeeds, BTC could be on the cusp of a strong upward movement.
Analyst: All major levels suggest that BTC will tap into $ 18.4K
A trader tweeted that Bitcoin could be on the verge of spiking towards $ 18,400 before losing momentum and being rejected.
He suggests that a break above this level could help trigger an uptrend towards new all-time highs.
“BTC: All important levels are in the red area. If we are going to go deeper, it will go on from there. Let’s break out to the top and the ATH is the next Imo. An exciting [week] lies ahead of us! „