2021-1-20 21:00 |
Bitcoin has seen some relatively lackluster price action throughout the past few days and weeks, with the crypto’s price being unable to surge as it inches towards its $40k resistance This has come as its smaller counterparts all see massive momentum, with ETH seeing a monumental rally while many smaller altcoins also surge BTC’s lack of intense upside has come about due to the intense selling pressure it has been facing within the upper-$30,000 region, with selling pressure from large whales and investors stunting its growth Where the cryptocurrency trends in the mid-term will undoubtedly depend on its continued reaction to its overhead resistance One analyst believes that there’s a strong possibility it breaks this level in the near-term, which could lead to fresh all-time highs
Bitcoin and the entire crypto market are seeing mixed performance. While BTC stalls and struggles to break above its resistance in the upper-$30,000 region, Ethereum and many altcoins see explosive rallies.
This has made it somewhat unclear as to what BTC’s near-term fate is.
One analyst observed that the benchmark cryptocurrency is on the cusp of seeing a movement to fresh all-time highs, but it must first surmount one crucial resistance level.
Bitcoin Struggles to Gain Momentum as Resistance Holds StrongAt the time of writing, Bitcoin is trading up just over 1% at its current price of $37,150. This marks a massive rebound from recent lows of $30,000 that were set last week.
The crypto has formed a wide trading range between these lows and its highs of roughly $40,000.
Until BTC breaks above its range highs at $40,000, it may continue seeing relative consolidation.
Analyst Claims BTC Could Be on the Cusp of Move to New HighsOne analyst explained in a recent tweet that a close above one key Fibonacci level could allow Bitcoin to rally to fresh highs.
BTC is pushing up against this level; however, a rejection could lead it towards the sub-$30,000 region.
“Close above .618 – target all time highs. Close below the mid and grey zone 34k then most probable of the yearly level retest around 28-29,” he said while pointing to the below chart.
Image Courtesy of Trader XO. Source: BTCUSD on TradingView.The coming few days should provide investors with detailed insights into Bitcoin’s mid-term trend and how it will influence other digital assets.
Featured image from Unsplash. Charts from TradingView.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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