Bitcoin bulls try new run – will BTC fail again at resistance?
- Bitcoin has seen some mixed price action recently, with the bulls currently trying to form a breakout rally as the cryptocurrency heads towards key resistance.
- BTC saw a strong rejection this morning, which has led it lower since then, which could be a grim sign of what’s to come next.
- One trader writes in a tweet that BTC’s short-term outlook is likely to depend entirely on whether or not it can push further up and break this resistance.
- A continued decline could lead to a serious downtrend in the coming days and weeks, possibly triggering a capitulating sell-off
- However, this remains a remote possibility as the bulls seem to be gaining strength.
Bitcoin and the crypto market as a whole have seen mixed price action recently, with Crypto Genius both bulls and bears unable to gain clear control over the cryptocurrency’s price action, although a „giga-pump“ in Bitcoin has already been predicted.
Buyers have shown some signs of vitality recently, despite a bearish sentiment on social media, which could mean that an upward expansion phase is imminent.
For this possibility to be confirmed, the bulls will need to break a key resistance level that has held strong in recent days and weeks.
Bitcoin gains momentum, but faces critical resistance
Currently (time of this writing), Bitcoin is trading at $35,820, marking a remarkable rise from the lows of $29,000 reached last week.
The cryptocurrency has risen since breaking below $30,000, which continues to be a cornerstone of support for the cryptocurrency.
BTC declined last night at a key level that analysts have been watching for some time. A continued downtrend could signal that significant losses are ahead.
Analyst: BTC has not yet broken through key resistance level
Despite the strength seen overnight, analysts now note that Bitcoin (Go to Plus500 Bitcoin buying guide) could still face further downside.
One trader states that he is bearish until BTC breaks above a trendline that was tested during the overnight bounce. He even expects a descent into the sub-$20,000 area in the medium term.
„We are now at an important resistance. If the bulls are strong enough and overcome the current resistance, I will change the bias to bullish.“
The coming days should provide some serious insights into where the aggregate crypto market is headed in the medium term, as it all hinges on Bitcoin.