The Bitcoin rally outlook towards $17,000 looks bright as the benchmark cryptocurrency went through a quiet weekend of trading, struggling to gain immense momentum with the bulls and bears fighting so let’s read more in today’s Bitcoin news.
This led to a prolonged movement and sideways trading around $16,000 with the bulls and bears both having a hard time controlling the near-term. The recent price action did nothing to provide more insight into where the trend could move in the mid-term time frame. With all that being said, one analyst noted that the rally towards $16,000 could be imminent in the near-term. He pointed out one key level that has to be broken above for the rally to shoot higher. Bitcoin and the rest of the market are in a consolidation phase with the buyers and sellers both trying to gain control over the near-term outlook.
Where will the entire market trend next will only depend on BTC and there’s a strong chance that a prolonged bout of sideways trading will bode well for most altcoins. One trader is now looking towards $16,600 with a near-term noting a bout of a trading break above $16,150 which has to come about first. At the time of writing, BTC trades down marginally with a current price of $16,000 which is where it was trading over the past few days with the sellers and buyers still being unable to spark a near-term trend.
Where will the cryptocurrency trend in the near-term have a huge impact on altcoins since they have started a rally as a result of the BTC Stability BTC needs to close its weekly candle above $16,000 to see more strength in the week ahead so closing down below this level could spark a serious blow to the crypto market. While speaking about the technical outlook, and the Bitcoin rally outlook, one analyst explained that the number one cryptocurrency could go past ,600 if it is able to reclaim one key level.
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This is the $16,150 level which could be surmounted if bulls gain momentum.
“BTC – Highs are looking ripe for the taking. A move to $16.6k should take care of that. Further confirmation on a reclaim of $16,150.”
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