- Bitcoin has been struggling to gain any strong momentum throughout the past few days and weeks, with buyers and sellers reaching an impasse as the crypto nears $14,000
- The selling pressure here has been quite significant and may continue slowing its ascent in the days and weeks ahead
- That being said, bears have been unable to spark any sustained selloff as of late, which is a positive sign that indicates upside may be imminent
- One trader is now noting that a break above the resistance that lies just above where Bitcoin is currently trading could put a bid to all-time highs on the table
- A rejection here, however, could spark a sharp selloff that sends it towards $13,200
Bitcoin and the aggregated crypto market have been struggling to gain any strong momentum as of late.
Although Bitcoin’s mid-term trend is clearly in bulls’ favor, its inability to post any sustained breaks above $14,000 has been somewhat grim.
On multiple occasions, BTC has made attempts to break above $14,000, but each one has been fleeting and followed by downside.
That said, bears have yet to spark any sustained decline, which could indicate that they aren’t in control of its near-term outlook.
One analyst is noting that a firm and sustained break above one key level just above BTC’s current price could put a move to fresh highs on the table.
Bitcoin Continues Pushing Against Key Resistance as Volatility Ramps Up
At the time of writing, Bitcoin is trading down just under 2% at its current price of $13,810. This is around the price at which it has been consolidating for the past week.
BTC’s volatility is beginning to ramp up, with the cryptocurrency surging past $14,000 yesterday afternoon before it plunged and once again was met with serious selling pressure between $13,800 and $14,000.
Until this level is firmly surmounted and closed above on a higher time frame, it will likely continue suppressing the cryptocurrency.
Analyst: BTC Could See Fresh Highs If One Level is Broken
“BTC: Getting into the resistance zone here. Breaking through $13,850-13,925 and I’ll expect new highs to occur. Rejection and $13,200 is on the tables.”
Image Courtesy of Crypto Michaël. Source: BTCUSD on TradingView.
The coming day or two should provide insight into whether or not this level will continue holding strong as resistance.
Featured image from Unsplash. Charts from TradingView.