Bitcoin has faced some intense sales pressure following its recent rally past $ 24,000, but bulls prevented it from seeing any intense sales as its price steered back to this key level.
BTC’s continued response to this level should give buyers serious insights into where it can trend next. A continuing bout of trading below this level may explain some weakness among buyers.
On the other hand, flipping from this level to support could significantly strengthen the crypto’s price action and allow it to see a serious upside.
The growing buzz among retail merchants may be enough to fuel a move higher, with prominent public figures like Elon Musk and others promoting Bitcoin on social media.
One trader still believes that there is a strong possibility that BTC will eventually move to reprocess its current vital technical support at around $ 19,575.
He notes that unless this level is cut below – which is not something he expects to have happened – there is a strong possibility that his macro bull run will continue to roar.
Bitcoin Shows Signs of Strength as Buyers Absorb Yesterday’s Selloff
At the time of writing, Bitcoin is trading slightly at the current price of the cryptocurrency of $ 23,750. This is around where it has been trading throughout the past few days.
It recently raised as high as $ 24,200 before finding severe sales pressure that strained its price and caused it to roll to lows of $ 23,000.
He managed to find some strong support here which has since allowed for further upside. $ 24,000 remains a strong level of resistance, and whether or not it can break above, it should provide serious insights into the market to where it will tread next.
BTC Holds is Bullish as long as it trades above $ 19,575
One trader explained a recent tweet that Bitcoin’s price action is firmly in bull control as long as the cryptocurrency holds above $ 19,575.
He notes that, although a test of this level may be unlikely, it may occur because of its technical significance.
“From a technical point of view: BTC supports a $ 19’575 area. Look I’m not making the silly bias fitting rules this is the support I hate too. Probably not hitting. But this means unless we lose the area I’m bullish AF and shortening is illegal, ”he said while highlighting the chart below.
Image Courtesy of SalsaTekila. Source: BTCUSD on TradingView.
The next few days should provide insights into where the market as a whole will tend next. As long as the crypto is still above this key price region, bulls remain in control.
Featured image from Unsplash. Charts from TradingView.