Bitcoin is Likely to Remain Rangebound Until It Breaks This Key Level
- Bitcoin has been caught within an intense consolidation phase throughout the past few days
- The selling pressure in the mid-$19,000 region is intense, and it remains unclear as to whether it will break above this anytime soon
- The fact that it has been consolidating above $19,000 is an incredibly positive sign, and forming this into a base of support could lead it to see some serious upside
- The coming few days and weeks should provide some insights into this possibility
- One trader is now noting that he expects BTC to remain range-bound for an extended period of time
- For it to start a serious uptrend, he believes that a break above $19,400 is vital
Bitcoin has been guiding the entire market over the past few days, causing a widespread consolidation phase that has done little to provide insights into where the entire market is trending in the mid-term.
BTC has been coiling up above $19,000, with this level rapidly becoming what appears to be a base of support.
This is a bull-favoring trend that may indicate upside is imminent in the near-term. One trader is noting that a break above $19,400 is vital for the entire market to see any significant mid-term upside.
Bitcoin Struggles to Gain Momentum; Hold $19,000
At the time of writing, Bitcoin is trading down just over 1% at its current price of $19,170. It has made multiple attempts as of late to break above $19,400, but each one is followed by it seeing massive inflows of selling pressure.
$19,000 has long been an important level for the cryptocurrency, as breaks below here have, on many occasions, sparked strong selloffs.
If it can continue holding above this level, it may see some serious near-term momentum.
Trader Claims BTC Likely to Become Range-Bound
One trader explained in a recent tweet that he expects Bitcoin to become range-bound in the days and weeks ahead, with the selling pressure at $19,400 and buying pressure around $18,600 and $19,000 both supporting it.
“BTC: Still stuck in a range here, through which the volatility will kick in above $19,400 and below $18,600. Until then, range-bound.”
Image Courtesy of Michael van de Poppe. Source: BTCUSD on TradingView.
The coming few days should provide insight into how strong the support at $19,000 is. If it persists, it may allow Bitcoin to rally past $19,400 and potentially set fresh all-time highs.
Featured image from Unsplash. Charts from TradingView.