Bitcoin dangerously close to the abyss: BTC must now maintain this level
Bitcoin and the entire crypto market have stalled after the decline seen yesterday afternoon, with the bulls able to slow the decline.
This is a continuation of the all week bear friendly trend as the cryptocurrency has faced tremendous selling pressure
This all started when BTC broke below $ 19,000 for the first time as this has long been a crucial level for cryptocurrency.
Where the cryptocurrency is trending in the medium term will largely depend on where the aggregate market is heading next.
A trader now notes that there is likely to be a move towards $ 18,1000 in the near future.
He comments that this is a level of resistance – and that it takes a break above it to see a reversal.
Bitcoin and the entire cryptocurrency market haven’t seen too much upside momentum lately.
The strong uptrend that has been driving the market up for the past few months has almost gone as the bears now seek to take control. This weakness came due to Bitcoin’s inability to break above its previously set all-time highs.
A trader now notes that the cryptocurrency may be on the verge of a rebound, but there is one key level it needs to crack first.
Bitcoin is fighting for dynamism, sales pressure is growing
At the time of writing, Bitcoin is trading at $ 18,400. Where the overall market travels over the medium term will largely depend on $ 18,000 as the cryptocurrency is close to testing this previous level of support.
It remains unclear how strong the selling pressure will end up being at this level.
Analyst: BTC is ready for a reversal – if it holds $ 18,100
Regarding Bitcoin’s technical outlook , one analyst explains that BTC is currently resting at an important level of support that could help it move higher in the near future.
He believes $ 18,100 is the key level that needs to be overcome.
“BTC LTF Analysis: Currently resting on support, these are my thoughts. We could probably see a move back towards $ 18,100 to confirm it as resistance, need to see a strong S / R flip of that level to get excited. Currently flat and observant. Short sales below $ 17,600 are not the thing. “
The coming days should shed some light on Bitcoin’s response to these key levels. A break above these levels could create room for a rebound towards $ 19,000 as the week closes.