BITCOIN LIKELY TO SEE FURTHER DOWNSIDE AFTER PRICE FAILS TO BREAK KEY LEVEL

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BITCOIN LIKELY TO SEE FURTHER DOWNSIDE AFTER PRICE FAILS TO BREAK KEY LEVEL

Bitcoin has been struggling to maintain its multi-month uptrend, with the selling pressure found within the upper-$19,000 region stopping it from seeing any major gains throughout the past few days and weeks.

The selling pressure seen here isn’t surprising, as analysts have long forecasted that bears would try to defend against a break above the cryptocurrency’s all-time highs.

Until it can break above this level, it will likely continue facing prolonged bouts of consolidation. One trader believes that it may also see some serious downside until it can gain a footing above $19,500.

At the time of writing, Bitcoin is trading down just under 2% at its current price of $19,100. This marks a serious climb from its recent lows of $18,700 set at the bottom of the overnight decline.

This decline came about shortly after BTC tapped highs of $19,500. The fact that it has once again set what appears to be a higher-low is incredibly bullish and could indicate that upside is imminent.








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