- Bitcoin and the entire crypto market has been caught within an intense bout of consolidation over the past day, which came about following a sizeable decline
- This decline sent most tokens reeling lower, with BTC and most altcoins all shedding a serious amount of value
- Where the market trends in the mid-term should offer some serious insights into whether or not this move is emblematic of any mid-term trend shift
- For the time being, it does appear that BTC will see some further downside before it can find support and rally higher
- One trader spoke about this in a recent tweet, noting that he is expecting a move into the upper-$17,000 region in the mid-term
Bitcoin and the rest of the crypto market have been caught in the throes of an intense bout of choppy trading over the past few days.
This first kicked off when Bitcoin broke below $19,000 and posted a bearish resolution to its bout of sideways trading.
Where the market trends next should depend largely on its continued reaction to a few key price levels that exist between $17,500 and $18,000.
If it is unable to hold above this price region, it likely means that a trend shift is imminent and that bears are likely to regain control over its price action.
Bitcoin Struggles to Hold Key Support as Selling Pressure Mounts
At the time of writing, Bitcoin is trading down nearly 3% at its current price of $18,150. This is around the price at which it has been trading throughout the past few days and weeks.
Where it trends in the mid-term will undoubtedly depend at least somewhat on whether or not the aggregated market can see any inflows of capital.
Currently, buy-side support for BTC and other major altcoins is dwindling, which indicates that downside could be imminent.
Trader Claims BTC Likely to Plunge Below $18,000 as Selling Pressure Mounts
One trader explained in a recent tweet that Bitcoin is currently in a somewhat precarious position and may soon see some intense downside as bulls struggle to defend $18,000.
He is specifically looking towards a move to the mid-$17,000 region before it finds any serious support and rebounds.
“Bitcoin: the first area of support is around $17,600-$17,800,” he said while pointing to the below chart.
Image Courtesy of Michael van de Poppe. Source: BTCUSD on TradingView.
Where Bitcoin trends next should determine whether or not the entire market can rally higher in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.
