BTC support formed at the $19,000 level however, the asset remains highly bullish as it recently flew past the $24,000 price level. The bulls were able to shift the asset from seeing stronger selloff as the price moves back up to this level as we can see in today’s bitcoin latest news.
BTC’s continued reaction to this level will provide the buyers with some serious insight on where it could trend next and the continued bout of trading below this level will ease up some of the slight weakness among the buyers. On the other hand, flipping to this level into support will bolster the crypto price action and will allow it to see more upsides. The growing buzz among other retail traders could be enough to fuel a move higher with some prominent public figures like Elon Musk talking about it on social media.
One trader thinks that there’s a strong possibility that BTC will move to retest the crucial technical support which now sits around $19,575 and noted that unless this level is broken below, there’s a strong chance that the macro bull run will continue rising. At the time of writing, BTC is trading up marginally at the crypto’s current price of $23,750 which is around the same price that it was trading over the past few days.
It recently rallied as high as $24,000 before finding stronger selling pressure that placed a huge strain on the price and caused it to reel down to new lows of $23,000. It was able to find a lot more support here that allowed for more upsides since the $24,000 remains a strong resistance level still and whether or not BTC is able to break above it, will give us some more insight into where it could trend next.
The BTC support formed near $19,000 as one trader explained that the price action is in bulls control so long as the cryptocurrency holds above $19,575. He noted that a test of this level is highly unlikely but it could come about because of the technical significance:
“From a technical perspective: BTC support $19’575 area. Look I don’t make the stupid bias fitting rules this is the support I hate it too. It’s probably not hitting. But this means unless we lose the area I’m bullish AF and shorting is illegal.”
The upcoming few days will provide us some more insight into where the entire market will trend next but if it is able to hold above this key price region, the bulls will be in control.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]