Bitcoin dangerously close to the abyss: BTC now has to maintain this level
- Bitcoin and the whole crypto market have stalled after the decline seen yesterday afternoon, with bulls slowing the descent.
- This is a continuation of the bear-friendly trend seen all week as the crypto currency has been under tremendous selling pressure.
- This all began when BTC broke below $19,000 for the first time, as this has long been a key level for the crypto currency.
- Where the crypto currency tends to go in the medium term will depend largely on where the aggregated market moves next.
- A trader now notes that a move towards $18,1000 is likely to occur in the near future.
- He comments that this is a resistance level – and that a break above it is necessary to see a reversal.
Bitcoin and the entire crypto currency market has not seen much upward momentum lately
The strong uptrend that has driven the market higher in the last few months has almost disappeared as the bears now try to take control. This weakness came as a result of Bitcoin’s inability to break by Financial Peak above its previously set all-time highs.
One trader is now noting that the crypto currency may be on the verge of a rebound, but there is a key level that it must first crack.
At the time of writing, Bitcoin is trading at $18,400 and where the market as a whole is heading in the medium term will depend largely on $18,000 as the crypto currency is about to test this earlier support level.
It remains unclear how strong the selling pressure at this level will be in the end.
Analyst: BTC is ready for a reversal – if it holds $18,100
Regarding the technical prospects of Bitcoin, an analyst explains that BTC is currently resting on an important level of support which could help it to move higher in the near future.
He believes that $18,100 is the key level to overcome.
„BTC LTF Analysis: Currently resting on support, these are my thoughts. Probably we could see a move back towards $18,100, to confirm it as resistance, must see a strong S/R flip of that level to get excited. Currently flat and observing. Short selling below $17,600 is not indicated.“
The coming days should shed light on Bitcoin’s response to these key levels. A breakout above these levels could create room for a rebound towards $19,000 as the close of the week approaches.