- Bitcoin has been battling to break above $ 20,000, with every visit to the $ 19,000 top region triggering a massive inflow of sales pressure
- The cryptocurrency’s responses to these rejections have grown more temperate, a sign favoring bull
- Where entire market trends in the medium term depend largely on whether this resistance can be overcome anytime soon
- One trader points out that there are a couple of technical signs that are currently working in favor of the cryptocurrency
- It highlights its ability to stabilize above its cloud formation, as well as its MACD experiencing cross bull
- These two factors alone could be enough to strengthen its price action and push it higher
Bitcoin and the rest of the cryptocurrency market have been trapped within a period of intense consolidation throughout the past few days.
This is due to the inability of the BTC to break firm above the mid-to-upper $ 19,000 region, with sales pressure here triggering a number of strong rejections over the past few days.
It has been setting higher lows after each rejection, and one analyst is now pointing to a couple of indicators that seem to suggest that an upside is imminent for the cryptocurrency in the days ahead.
Bitcoin Pushes Higher as Bull aims for another $ 19,800 Test
At the time of writing, Bitcoin is trading up just under 1% at its current price of $ 19,350. This is around the price it has been trading slightly lower over the past few days.
Undoubtedly, mid-term trends will depend at least in part on whether or not it can steer into the $ 19,000 middle region without facing any harsh rejection.
If it can do this, then another test of the crypto’s all-time highs of around $ 19,800 could be imminent.
Points Analyst for 2 Bullish Factors Boosting BTC Forecast
One trader points to 2 specific factors that indicate that an upside could be imminent for Bitcoin and the market as a whole.
He notes that BTC’s price is currently still consistently above its cloud form, with its MACD in the process of testing a bull cross.
“Woke up under $ 20,000 – who are we to blame for this? On the bright side: – price action cools above the cloud – MACD tests that bull… ”
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The next few days should provide insight into whether these technical advances will be enough to drive Bitcoin past all-time highs.
Featured image from Unsplash. Charts from TradingView.