A mass liquidation for bitcoin’s gains could occur as the bears are preparing to win over the market. BTC Was stable below $19,000 for the past few days with every visit to this level starting another strong pullback so let’s read more in today’s latest Bitcoin news.
Where will the crypto trends shift in the near-term depends on whether the bulls can take control of the price action and lead it above $19,000. The selling pressure here is quite strong and could continue hampering the growth in the upcoming few hours or days. In the meantime, Ethereum and other altcoins were leading the charts upwards with many posting parabolic gains in the past few days and weeks. The selling pressure seen at $19,000 could continue hampering the growth but one analyst even expected it to be tested in the near-term.
Bitcoin is in a clear bull market with every dip being bought by the bulls as the traders flip long. Funding rates were high in the past few days but were reset by sharp and fleeting downside movements and to liquidate the long positions. It is important to note that the crypto market seems to be in a good position to see more upsides in the near-term. ETH was leading the altcoins higher while BTC consolidates below the key resistance. One trader believes that BTC will surpass $19,000 once again before facing drops.
At the time of writing, Bitcoin is stable in the mid -$18,000 region with the selling pressure at $19,000 proved to be important but has yet to spark more moves lower. Every dip was bought and the bulls trend showed no sign of ending soon. The mass liquidation could happen as the bears are taking over with the BTC mid-term depending entirely on its reaction to the level. breaking above it could catapult it to fresh all-time highs.
One trader even thinks that the downside pressure will be imminent and noted that he expects BTC to test the highs before declining even lower:
“BTC: Unlikely shorts opened in the red box get a free ride down. At least a sweep of the highs coming first imo.”
The upcoming few days will provide more insight into where the market will trend in the mid-term as BTC continued above $19,000 and this will be determining the mid-term outlook as well.
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