Bitcoin is about to see a surge today, with the bulls aiming to move the cryptocurrency towards the resistance it has long faced in the mid-to-high region of $ 19,000.
If the selling pressure here remains constant and continues to hamper the growth of the cryptocurrency, the bears could be ready to take control of BTC’s price movement and bring it back down to $ 18,000.
Where there are medium-term trends depends largely on whether or not it can maintain the trend of making higher lows after each rejection around its highs.
Last week, BTC fell to $ 16,400 after seeing a rejection of around $ 19,500. Earlier this week, a rejection plunged to roughly the same price level, to lows of $ 18,200.
If there is another rejection at those highs, the bulls will have to hold it above $ 18,200 to continue making higher lows.
A trader now notes that the region’s continued defense of $ 18,000 over the past few days and weeks is bullish for the cryptocurrency and may indicate that another uptrend is imminent in the short term.
Bitcoin is pushing for a critical resistance level
At the time of writing, Bitcoin is trading over 1% from its current price of $ 19,530, a massive increase from its recent lows of $ 18,200 earlier this week.
Those lows occurred shortly after the cryptocurrency surged above $ 19,800 and faced immense rejection.
The selling pressure here has sparked multiple sell-offs and it remains unclear whether the next test will allow it to break across this region.
Analyst claims BTC is strong after holding key support
A dealer explained A recent tweet said that the longer Bitcoin is above the $ 18,000 region, the stronger it gets.
He notes that buying pressure has been quite strong here and that the cryptocurrency trend could stay firmly in favor of the bulls as long as there is no intense sell-off.
“BTC update: Looks like the monkeys won this round. In general, the $ 18.3-18.7 range is an important area that goes against it and best case we hack, worst case we shake / correct. Any low timeframe will depend on the level of support that seems to hold up so far. “
Image Courtesy of DonAlt. Source: BTCUSD on TradingView.
Whether or not Bitcoin can hold a firm value above the middle of the $ 19,000 region should tell us where it will go by the end of the year.
Featured image from Unsplash. Charts from TradingView.