Here’s the Key Level Bitcoin Needs to Reclaim for Bulls to Take Control

[Rakin343]

Bitcoin’s appears to be caught within a firm bear trend, with the cryptocurrency being wholly unable to see any sustained rebounds
Each rally over the past week has been firmly rejected, with BTC rallying to highs of $34,500 yesterday before facing a rejection that sent it down towards $30,000 today
Where the entire market trends next will undoubtedly depend on whether or not bulls can guard against a dip below $30,000
The selling pressure that caused the recent dip is showing few signs of letting up anytime soon and may cause further near-term losses
One trader is optimistic, however, noting that bulls could still take back control if they can break above one crucial level
Bitcoin and the entire crypto market have been facing some intense selling pressure as of late that has hampered the uptrend BTC formed throughout the past couple of months.

It remains unclear whether this trend has been invalidated, but bulls certainly have some serious work in front of them if they want to reverse the recent selloff.

One analyst is pointing to $34,500, noting that this is a crucial level that bulls need to break for the market to see further upside. Once claimed, he is setting his sights on a move to $40,000+. more info