- Bitcoin is once again trading above $19,000, as this has been a crucial level for the cryptocurrency that bulls have ardently been trying to flip into support
- It remains unclear as to whether or not it is going to be able to establish any meaningful support at this level
- The selling pressure here has proven to be significant in the past, and may continue hampering its growth
- Where the market trends next will still likely depend on whether or not BTC can rally past its all-time highs of $19,800
- Whether or not it can gain a foothold within this price region should shed some serious insight into where it will trend next
- One analyst also believes that a break above $19,400 this weekend could mean that a move to fresh highs is imminent
Bitcoin and the entire crypto market have been facing some consolidation throughout the past few days.
The selling pressure seen following each rally to its all-time highs has been intense and sparked multiple selloffs.
It has set multiple higher-lows, and it isn’t showing any intense signs of weakness.
One trader is now noting that a break above $19,400 could be all that the cryptocurrency needs to rally to fresh all-time highs.
Bitcoin Reclaims $19,000 as Bulls Try to Spark Uptrend
At the time of writing, Bitcoin is trading up just over 2% at its current price of $19,150. This is around where it has been trading throughout the past few days.
Today’s reclaim of the $19,000 level is positive, as it indicates that the cryptocurrency could be poised to see some serious upside in the near-term.
Whether or not it can gain a strong foothold above this region should provide some serious insights into its mid-term outlook.
Trader Claims Break Above $19,400 Could Lead to Serious Upside
One trader explained in a recent tweet that he is closely watching for a break above $19,400 in the near-term.
He contends that this will allow the crypto to set fresh all-time highs, as this is now the final resistance level it faces before $20,000.
“Bitcoin: And as $19,400 and $19,150 rejected, the range low was tested at the $18,500 area, tweeted yesterday. All fine, range-bound construction further. Breaking $19,400 = new ATH. Losing $18,500 = likely $16K tests.”
Image Courtesy of Michael van de Poppe. Source: BTCUSD on TradingView.
Where the entire market trends in the days and weeks ahead will likely depend on Bitcoin’s continued reaction to the two aforementioned price levels.
Featured image from Unsplash. Charts from TradingView.