BTC goes on with the struggles to finally set a new all-time high and break the upper $19,000 region over the past few days and weeks, with the selling pressure being significant so let’s check up on the latest bitcoin news analysis.
Until the bulls are able to shatter the resistance region which starts with $19,400, it could continue seeing a prolonged consolidation phase. The latest weekly drop was quite bullish and happened to mark the highest one posted by the cryptocurrency on many exchanges. This could boost the mid-term outlook but there are still a few bearish factors that are working against it. Until BTC can use the macro strength to break the $19,400 level and above, it could see some more sideways trading.
BTC and the rest of the market were caught in a wave of prolonged consolidation phase over the past few days and weeks and the aggregated crypto market was struggling to gain any momentum which could be pinned on the benchmark crypto’s inability to surpass the previously established all-time high. Where will the entire market trend in the mid-term will depend on whether BTC is able to set a fresh high. BTC goes on struggling and one trader even noted that there’s a chance of another upside as the strength of the crypto’s last weekly close will go a long way to providing it with some momentum.
At the time of writing, BTC consolidated at the lower $19,000 region which is where it was trading over the past few days and weeks. The selling pressure was seen at $19,400 which stooped it from moving higher over the past few days and became the first key resistance for the crypto asset before the region of $19,800 and $20,000. BTC posted the highest weekly candle close which is seen on the charts from yesterday, outlining that a serious upside will be the right target around the corner for the asset. One analyst spoke about this in a tweet and explained that it has boosted the outlook:
“BTC: Hit an all-time-high weekly close this weekend on Bitstamp. Looks like Coinbase closed right below 2017 weekly ATH. So close to $20k+”
It still has some major hurdles in front of itself before it is able to set a fresh all-time high, but it shows strength over higher time frames and it looks quite bullish.
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