WHY ONE TRADER IS WAITING FOR $20,000 BEFORE JUMPING BACK INTO BITCOIN Cole Pete

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WHY ONE TRADER IS WAITING FOR $20,000 BEFORE JUMPING BACK INTO BITCOIN Cole Pete

Bitcoin and the entire crypto market are currently inching higher as analysts closely watch to see how BTC reacts to the potential selling pressure within the mid-to-upper $19,000 region.

If Bitcoin faces another strong rejection at this level, then the cryptocurrency will need to set higher-lows than those seen earlier this week, meaning it needs to bottom above $18,200.

As long as it can continue this trend, it will remain firmly in bulls’ grasp.

One trader stated that he is awaiting a test of $20,000 before he enters any new Bitcoin positions, adding that he’d rather lose a few hundred dollars per Bitcoin and have a hedge against a potential rejection.


This is just a hair below the mid-to-upper $19,000 region that has sparked multiple strong rejections throughout the past week.

A further rejection here may strike a blow to the cryptocurrency’s strength, but as long as the dip results in another “V-shaped recovery,” it will still be in bulls’ control.







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