- Bitcoin is seeing some immense momentum at the moment, with bulls sparking a strong upswing that is showing no signs of slowing down
- This came about following the massive downwards movement seen late-last week after the cryptocurrency tested its $19,500 all-time highs
- The rejection here showed that bears would ardently try to defend this level, but it remains unclear as to where it might trend in the mid-term
- If it does break above these highs, it will likely enter price discovery mode and see a significant move higher
- One trader is noting that it is now a do or die moment for BTC, with a potential rejection at around its current price levels potentially causing it to slide significantly lower
Bitcoin and the rest of the crypto market have been caught within a prolonged bout of turbulence throughout the past few days, with bears trying to reverse BTC’s recent momentum.
However, their attempt failed as the cryptocurrency’s recent lows of $16,400 appear to now be a long-term local bottom.
One trader is noting that it is a crucial moment for Bitcoin, with its continued reaction to the price region it is currently trading within, likely providing investors with serious insights into its mid-term outlook.
Bitcoin Rallies Past $19,000 as Uptrend Heats Up
At the time of writing, Bitcoin is now trading up nearly 6% at its current price of $19,200. This marks a massive surge from its recent $16,400 lows set less than a week ago.
These lows came about due to the rejection it faced upon its first test of the mid-$19,000 region and were perpetuated by the Treasury Secretary’s comments regarding a potential new wave of regulations on the crypto market.
Bulls have since shrugged these fears off as they propel the crypto past the resistance it previously faced in the $19,000 region.
Analyst: BTC at a Crucial Price Point as Bulls Try to Break Key Resistance
While sharing his thoughts on Bitcoin’s present outlook, one trader explained that he is closely watching how the cryptocurrency reacts to the resistance region it is currently pressing up against.
“Only really interested in shorting BTC if it breaks down below here. Otherwise there’s no reason to doubt or be contrarian to the strength. The significance was below in the bounce, not here at this resistance in the trend. If there’s a reason on LTF to short, I’m in.”
Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.
The coming few hours should shine a light on where Bitcoin will trend next, as a break above the lower-to-mid $19,000 region before its daily candle close could lead to serious upside during the week ahead.
Featured image from Unsplash. Charts from TradingView.