BTC Edges Closer To Seeing A Rally To New ATH: Price Analysis

BTC Edges closer to seeing a new rally to a new ATH according to the latest price analysis that we have in our latest Bitcoin news today.

BTC has seen some lackluster price action over the past few days and weeks with the cryptocurrency being unable to surge as it inches to the $40K resistance. This came as the smaller counterparts of the coin are seeing stronger momentum with ETH seeing a rally with the rest of the coins surging as well. BTC’s lack of intense upside came about due to the strong selling pressure and it has been facing an even stronger one because of the intense selling pressure it has been facing at the $30,000 region thanks to the whales and investors stunting the growth.

btcusd — Image Courtesy of Trader XO. Source BTCUSD on TradingView.

Where will the cryptocurrency trend in the mid-term depend on the continued reaction to the overhead resistance and one analyst even believes that there’s a strong chance of breaking this level in the near-term which will lead to a fresh all-time high. BTC and the entire market is seeing some mixed price action while BTC stalls and struggles to break above the resistance in the upper $30K region. ETH and other altcoins were seeing some strong rallies as well.

This has made it unclear as to what bitcoin’s near-term fate is and one analyst even observed that the number one cryptocurrency is on the edge of seeing a strong movement to fresh highs but it has to first surmount one crucial resistance level. At the time of writing, BTC is trading at over 1% at the current price of $37,150 which marks a huge rebound from the recent lows of $30,000 that were set last week. The crypto formed a wide trading range in the lows and the highs of $40,000.

BTC edges closer to seeing a new rally so until BTC breaks above this range, it could continue seeing a relative consolidation. One analyst explained in a tweet that a close above this level could allow BTC to rally higher. BTC is pushing against this level but rejection will lead towards the sub $30,000 region as he said pointing to the charts:

“Close above .618 – target all time highs. Close below the mid and grey zone 34k then most probable of the yearly level retest around 28-29.”

The coming few days will give us some more detailed insights into the BTC mid-term trend and how it will influence other assets as well.

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