Here’s the Crucial Level Bitcoin Needs to Break Before Analysts Flip Bullish
Bitcoin has been struggling to hold above $19,000 for the past couple of days, with the selling pressure above this price level proving to be significant. If sellers continue suppressing the cryptocurrency’s price action and hold it below this level for an extended period of time, it could lead to some serious losses. One trader is now noting that Bitcoin could still be on the cusp of seeing further upside in the hours ahead, noting that $19,400 is his near-term target. This is the last resistance level before the crypto rallies towards the resistance between $19,800 and $20,000.
A break above this level could mean that fresh all-time highs are imminent for the entire crypto market. Bitcoin and the rest of the crypto market have been consolidating throughout the past few days.
Despite the countless rejections that the crypto has seen within the $19,000 region, BTC has been able to avoid seeing any sustained move lower over the past few days and weeks. weeksontinued ability to hold above this level does favor bills and seems to indicate that further upside could be imminent in the days and weeks ahead.
One trader echoed this sentiment, explaining that a move up towards $19,400 could be imminent. A break above this level would be technically significant.
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