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Nexo

Bitcoin May Need to Shed $2,000 and Tap Liquidity Region Before Rallying Higher

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
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  • Bitcoin has been caught in the throes of an immense bull market over the past few days and weeks
  • This has allowed its price to multiple over the past few months, racing from summer/fall lows of $8,600 to highs of $23,700 that were set yesterday morning
  • The strength seen by the cryptocurrency comes as its macro-outlook brightens, with institutions and large banks warming to the technology
  • Furthermore, there are already some signs of an imminent wave of retail “FOMO” – with some notable musicians and celebrities tweeting and posting about BTC
  • Despite all the signs suggesting that Bitcoin is about to see a 2017-style uptrend, one analyst is noting that he is watching for a $2,000+ pullback in the near-term

Bitcoin and the entire crypto market is drifting lower today, with its price falling following the strong rejection seen at around $23,700 yesterday.

The selling pressure here proved to be quite intense and caused it to see some notable downside. However, as seen countless other times, this could prove to be a bear-trap that eventually works in BTC’s favor.

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One trader believes that the ongoing decline could extend further, noting that he is watching for an eventual test of Bitcoin’s liquidity within the upper-$19,000 region.

Bitcoin Struggles to Maintain Momentum Following Yesterday’s Rejection 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $22,590. This marks a notable decline from recent highs of $23,700 that were set yesterday.

The massive surge to this level proved to be unsustainable, as buyers did not have enough backing to push it any higher.

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The crypto may now see some consolidation around its current price levels before it can surge higher.

Why One Trader is Watching for a Move to the Upper-$19,000 Region

One trader explained in a recent tweet that he expects Bitcoin to test its ultimate liquidity and demand zone between $19,600 and $20,000 at some point soon.

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“BTC difficult to imagine this doesn’t get filled in at some point. maybe not immediately but i would have thought sooner rather than later,” he said.

Bitcoin

Image Courtesy of Deadrabbits. Source: BTCUSD on TradingView.

If this level is tapped in the near-term, Bitcoin must post a strong reaction to it. Any sustained decline beneath it could open the gates for the entire market to see notable mid-term losses.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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