- Bitcoin has entered an intense phase of consolidation in recent days
- Selling pressure in the mid $ 19,000 region is intense, and it remains unclear whether it will break anytime soon.
- The fact that it has consolidated over $ 19,000 is an incredibly positive sign, and if this is molded into a foundation of support it could bring some serious benefit.
- The next few days and weeks should provide some insight into this possibility
- A trader now notes that he expects BTC to remain tied to the range for a longer period of time
- To start a serious uptrend, he believes a break above $ 19,400 is essential
Bitcoin has led the whole market in recent days, creating a widespread consolidation phase that has done little to provide insight into where the entire market is trending in the medium term.
BTC has rallied above USD 19,000, with this level appearing to be quickly becoming a foundation of support.
This is a positive trend that could indicate that upside potential is imminent in the short term. One trader notes that a break above $ 19,400 is vital for the entire market to see a significant benefit in the medium term.
Bitcoin is struggling to gain momentum; Hold $ 19,000
At the moment of writing, Bitcoin is trading down just over 1% at the current price of $ 19,170. It has made multiple attempts to break above $ 19,400 as of late, but each is followed by a massive inflow of selling pressure.
$ 19,000 has long been a significant level for the cryptocurrency as the pauses below have led to strong sell-offs on many occasions.
If it can continue to hold above this level, it could see some serious momentum in the near term.
Trader claims BTC is likely to be range bound
A merchant explained in a recent tweet that he expects Bitcoin to become reach-bound in the coming days and weeks, with selling pressure of $ 19,400 and buying pressure of around $ 18,600 and $ 19,000 both supporting this.
BTC: Still in range here, moving volatility above USD 19,400 and below USD 18,600. Until then, range-bound. “
Image Courtesy of Michael van de Poppe. Source: BTCUSD on TradingView.
The coming days should provide insight into how strong the USD 19,000 support is. If it persists, it could be possible Bitcoin to move past $ 19,400 and potentially set new all-time highs.
Featured image from Unsplash. Charts from TradingView.