Bitcoin’s price action in recent times has benefited buyers greatly as the cryptocurrency is caught in intense sideways trading just below $ 19,000 as buyers try to get enough pressure on the buyer’s side to break this level .
The pressure to sell was strong here, but it hasn’t triggered an intense sell-off in the past few days.
This seems to indicate immense strength from buyers and could suggest that a short-term uptrend is imminent. If bulls can break above this level, they can face resistance of around $ 19,300 before they can push crypto to new highs.
A trader notes that there is a Bitcoin Bear Whale whose sell orders have been placed at this level, which can prove difficult to overcome on the first try.
An analyst stated in a recent tweet that he expects Bitcoin to go beyond this resistance and hit new all-time highs in the short term.
Bitcoin shows signs of strength as bulls target $ 19,000
At the time of writing, Bitcoin is trading slightly at its current price of $ 18,750. Here has been trading in the last few days.
A strong break above USD 19,000 could catapult BTC to new all-time highs as the resistance in the lower region of USD 19,000 is the last resistance before USD 20,000. Once it hits new all-time highs, the media cycle and retail FOMO could skyrocket it even further.
Given the current strength projected by Bitcoin, a clean break above this level seems imminent.
Once new all-time highs have been set, a pricing mode may be activated, leading to a significant uptrend.
This “bear whale” can slow the rise of BTC
While one analyst shared his thoughts on where Bitcoin could head in the short term, he stated that he is looking for a move to all-time highs.
He also Remarks that there is a “bear whale” building serious sales walls for $ 19,300.
Longed BTC: Chad Bear Whale rests at $ 19.3,000 and needs corns clearing. But more importantly, we have to hit an all-time high. “
Image Courtesy of LedgerStatus. Source: BTCUSD on TradingView.
While it may take bulls to chew through these sell orders, once that resistance is broken, crypto will be clear skies ahead.
Featured image from Unsplash. Charts from TradingView.