It’s been a wild last few weeks for Bitcoin and the cryptocurrency market, with the benchmark cryptocurrency seeing massive gains while the rest of the market is also showing continued signs of strength.
Altcoins are moving into the limelight as the rally stalled at BTC: selling pressures at $ 19,000 slowed the rise as Ethereum and smaller altcoins soared.
The near future BTC trends will depend entirely on Bitcoin’s continued reaction to $ 19,000.
A trader finds that Bitcoin is now at a hub whose short-term trend may be a linchpin for the medium-term outlook.
Bitcoin has shown some signs of immense strength in the past few days and weeks, with selling pressures being quite intense at around $ 19,000.
Medium term market trends will depend entirely on this level as a rejection here could be incredibly fatal.
Still, a break above that level could be all it takes to absorb immense momentum that is causing BTC to skyrocket in the days and weeks to come.
The coming days should provide some insight into the crypto trend, and an analyst also notes that BTC is now being traded at a hub.
Bitcoin is fighting rejection after strong momentum
Bitcoin is currently being traded at a price of $ 18,375. This is below the price it has been trading at for the past few days.
The selling pressure just above the current price has proven to be quite intense, but it has not yet sparked a violent rejection. This has led analysts to remain broadly bullish on Bitcoin as they anticipate an imminent breakout above this crucial resistance level.
Analyst: BTC at critical node
An analyst explains that Bitcoin has now reached a critical point and that short-term developments could set the tone for where Bitcoin (buy Bitcoin? Click here for instructions) will develop in the coming days and weeks.
Specifically, he watches the reaction at $ 19,000 and the support at $ 18,500.
„IMO, we are at this BTC hub where … buyers are aggressively emerging from the 18.5k support zone like they did after the early slump in Asia last week, and we are trying again at 19k. OR -18.5 thousand buyers are [destroyed], we break down and break down again, ‚buy the dip‘ market is no more. „
That means: The coming days will be decisive for where the entire market will develop in the coming days and weeks.