Bitcoin Surges After Bulls Defend Key Level; What Analysts are Watching For
Bitcoin is in the process of pushing higher today, with bulls aiming at sending the cryptocurrency up towards the resistance that it has long faced within the mid-to-upper $19,000 region.
If the selling pressure here remains constant and continues hampering the cryptocurrency’s growth, then bears may be poised to gain some control over BTC’s price action and send it reeling down towards $18,000 once again.
Where it trends in the mid-term will depend largely on whether or not it can maintain the trend of setting higher-lows after each rejection around its highs.
Last week, BTC plunged as low as $16,400 after facing a rejection around $19,500. Earlier this week, a rejection around the same price level caused it to plunge to lows of $18,200.
If it faces another rejection at these highs, bulls must hold it above $18,200 to continue setting higher-lows.
See more for yourself here (https://www.newsbtc.com/analysis/btc/bitcoin-surges-after-bulls-defend-key-level-what-analysts-are-watching-for/)