Bitcoin Reaches a Juncture as Bulls Try to Thwart Selloff to $17,000

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Bitcoin Reaches a Juncture as Bulls Try to Thwart Selloff to $17,000

Bitcoin has been facing some immense volatility throughout the past few days and weeks, with sellers stepping up and trying to invalidate the strength seen by the cryptocurrency as they hold it below the key $19,000 level.

A sustained bout of trading below this level will certainly degrade its technical strength. Still, the intensity of each selloff seen following rejections at its all-time highs appears to be diminishing.

This signifies that the cryptocurrency is growing technically stronger, as the series of higher-lows formed in the time since it plunged to $16,400 last week is an incredibly positive sign for the cryptocurrency.

Where it trends in the mid-term may depend largely on whether or not bulls can hold its price within a key channel that has been formed throughout the past few days.

One trader is looking to this channel’s boundaries for insight into where it might trend in the near-term, noting that a break below its lower boundary at roughly $18,500 could lead it significantly lower in the days ahead.

For the time being, however, the cryptocurrency remains above this key support, with bulls ardently attempting to push it above $19,000.






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