Bitcoin Rallies Towards $ 24,000 as Uptrend Across the Market Continues


  • Bitcoin saw a massive surge higher earlier today that allowed it to break above $ 24,000 for the first time
  • Where mid-term aggregate crypto market trends can depend largely on whether or not buyers can turn $ 24,000 into a support level.
  • The sales pressure just above here seems to be quite intense and could cause him to see continued weakness
  • One trader is now highlighting the resistance just above where BTC is currently trading, indicating that the cryptocurrency could see some continued weakness
  • So far, it seems to be finding strong buying pressure above this key price region, but it remains unclear how long this will last

Bitcoin and the entire cryptocurrency market are currently trapped in another wave of strong buy-side pressure, which has allowed BTC to bring in over $ 24,000 for the first time today.

Where entire market trends in the medium term depend largely on whether or not BTC can find any strong support around $ 24,000, as bulls and bears are currently struggling for control at this level.

One trader notes that the crypto could see a sharp breakdown after clearing the liquidity at its recent highs.

Bitcoin Rallies Higher as Uptrend Across the Market continues

At the time of writing, Bitcoin is trading up just over 3% at its current price of $ 23,850. This marks a notable increase from its recent low of $ 22,800 set just hours ago.

Where it tends in the medium term it should largely depend on whether or not BTC can earn a solid footer above $ 24,000.

To date, bulls do not appear to have the strength to do this, as it rallied as high as $ 24,200 before facing a strong setback.

Merchant Claims BTC is likely to face intense sales pressure

One analyst explained a recent tweet that there is a strong possibility that Bitcoin is plummeting lower in the days ahead, with the cryptocurrency clearing a key liquidity region with its latest rally past $ 24,000.

“Bitcoin: Could see another pop higher into the red zone. This is where I would drag stops on my nostalgia if I were in one. It should pop up quickly. Could break down quickly thereafter. Otherwise, we see buyers coming up higher to clear through opposition and we fly. ”

Bitcoin

Image Courtesy of NebraskanGooner. Source: BTCUSD on TradingView.

Unless Bitcoin can turn this level into a base of support, there is a strong possibility that it will consolidate or see some weakness in the near term.

Featured image from Unsplash.
Charts from TradingView.

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