- Bitcoin has been caught on the threshold of a huge bull market in recent days and weeks
- This has allowed its price to multiply in recent months, with summer / fall lows of $ 8,600 to highs of $ 23,700 set yesterday morning.
- The power seen by cryptocurrency comes as its macro prospects light up, with large institutions and banks heating up technology.
- Moreover, there are already some signs of an imminent wave of retail “FOMO” – with some notable musicians and celebrities posting and posting about BTC
- Despite all the signs that Bitcoin is about to see an upward trend in the 2017 style, an analyst notes that it is looking for a $ 2,000 withdrawal in the near future
Bitcoin and the entire crypto market are heading lower today, with its price falling following the strong rebound seen yesterday at around $ 23,700.
The selling pressure here proved to be quite intense and led her to see some notable disadvantages. However, as has been seen countless times, this could prove to be a bear trap that ultimately works in BTC’s favor.
One trader believes that the continuing decline could extend further, noting that it is looking at a possible test of Bitcoin liquidity in the upper region of 19,000 USD.
Bitcoin is struggling to maintain momentum after yesterday’s rejection
At the time of writing, Bitcoin is trading down just over 1% at the current price of $ 22,590. This marks a significant decrease from the last highs of $ 23,700 set yesterday.
Massive growth at this level proved unsustainable because buyers did not have enough support to push it higher.
The crypto could now see some consolidation around its current price levels before it can rise further.
Why a trader is looking for a move to the upper region – 19,000 USD
A merchant he explained In a recent tweet, Bitcoin is expected to test the area of liquidity and final demand between $ 19,600 and $ 20,000 at some point soon.
“It is difficult to imagine that this will not be completed at some point. maybe not immediately, but I would have thought sooner rather than later, ”he said.
Image Courtesy of Deadrabbits. Source: BTCUSD on TradingView.
If this level is reached in the short term, Bitcoin needs to show a strong reaction to it. Any decline sustained by it could open the doors to the entire market to see significant losses in the medium term.
Featured image from Unsplash. Charts from TradingView.