- Bitcoin has been caught within a strong uptrend in the time following its recent selloff, with bulls largely absorbing the inflows of selling pressure
- After reeling down to lows of $16,400, the cryptocurrency faced a massive rebound that has now led it past $18,000
- Its present momentum is showing few signs of slowing down, and there’s a strong possibility that further upside is imminent in the near-term
- One trader is noting that it is now imperative that bulls hold the crypto above $17,700-17,850
- He notes that a break below this support could cause the crypto to reel down to the $16,000 region
Bitcoin and the rest of the crypto market are currently rallying, with Bitcoin’s recent selloff doing little damage to the market as bulls aim to erase all of the losses.
BTC is now trading back above $18,000 and isn’t showing signs of slowing down. If this level becomes a base of support, it could allow for significantly further growth in the days and weeks ahead.
One trader is now noting that holding above the upper-$17,000 region is critical for the market to move higher.
He notes that a break below this price region could open the gates for a decline down towards $16,000.
Bitcoin Gains Momentum as Bears Falter
At the time of writing, Bitcoin is trading up just over 2% at its current price of $18,115. This marks a notable surge from its lows of $16,400 set at the bottom of the recent selloff.
The strength seen by the aggregated market as of late does seem to indicate that further upside could be imminent and that this latest selloff was simply another “buy the dip opportunity.”
For this to be confirmed, BTC will need to show signs of stability in the days and weeks ahead.
Trader: BTC Must Hold Above Upper-$17,000 Region for Uptrend to Persist
He specifically points to the upper-$17,000 region as a key area of support, noting that a break below could open the gates for a move down towards $16,000.
“Crucial level to hold is the $17,700-17,850 breaker. If that is lost, I think we’ll see the 16’s again.”
Image Courtesy of Michaël van de Poppe. Source: BTCUSD on TradingView.
The coming few days should provide some insight into the strength of this ongoing rebound. Any continued uptrend here should allow for significantly further gains in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.