BTC faces strong resistances and strong selling pressure over the past few days with the bulls trying to defend the $17,700 level after it broke below $19,000 level as we reported in the past Bitcoin news.
This validated the notion that the crucial level that the crypto surmount and flip into support if it sees more upside. One trader noted that while BTC rebounded off its key support in the upper $17,000 region it will face more hurdles now. One such hurdle includes the crypto’s newly established resistance in the mid $18,000 region. If the cryptocurrency is unable to break above this region, it will see more inflows of selling pressure which will lead the coin lower in the days and weeks ahead.
BTC was facing some turbulence in the past 24-hour price which came close on the heels of the extended bout of consolidation as seen over the entire past week. The recent price drop below $19,000 was a strong sign of underlying weakness which was a long pivotal level for the cryptocurrency. overnight, BTC dropped as low as $17,770 before finding more support which helped stop the drop and sent it back above $18,000 region.
Where will the cryptocurrency trend in the mid-term depend on whether or not it will be able to surmount the support-turned-resistance between $18,500 and $18,700 as one analyst pointed it ours as a key-term hurdle for the benchmark cryptocurrency. At the time of writing, BTC was trading down significantly from the daily highs with a current price of $18,400. This marked a notable rebound from its overnight low of $17,640 which was set when the selling pressure started ramping up.
BTC faces strong resistances at its top with the strong defense confirming the mid-term support and could signal a V-Shaped recovery that is imminent. One trader explained in a tweet that the previous support BTC had in the mid-to-upper $18,000 region will likely act as a strong resistance. This price region is the next main level that BTC has to overcome for it to see stronger momentum:
“BTC: Fell through support and now seeking to get back above the $18,500-18,700 range, which is the critical zone. ,700 indeed provided short term support.
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The upcoming few days will provide more insight into where BTC will lead the aggregated market in the upcoming days and weeks ahead.
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