Bitcoin Holds Key Support Levels
Bitcoin underwent a rapid correction last evening after the coin pressed as high as $18,500 on leading exchanges. The coin fell by around $1,000 in the span of a minute or two, plunging from those highs to $17,400.
The cryptocurrency faced strong on-chain resistance. There was also a large amount of selling pressure on crypto exchange order books. Commenting on the move, an analyst wrote:
Analysts think the cryptocurrency will maintain its bullish pressure despite the recent drop.
Commenting on the four-hour chart, which shows strong wicks into the low-$17,000s, a trader recently said:
As the chart shows, Bitcoin has managed to hold key support levels despite entering the low-$17,000s twice in the span of a few hours. Bitcoin managing to maintain high price levels, the analyst explained, will likely trigger a move toward all-time highs. Chart of BTC’s price action over the past few days with analysis by CryptoGainz
Not the Only One That Thinks So
Other analysts are optimistic that the trend is still positive for Bitcoin. Referencing how there are little resistances until new all-time highs, a trader recently said:
Image Courtesy of Smokey. Source: BTCUSD on TradingView.
Many have stated that by the looks of it, the recent drop was a clear bear trap. The issue is that there remains many bullish market trends for Bitcoin, such as low funding rates and a mass amount of withdrawals from exchanges.
Adding to this, the fundamentals of the space continue to improve as monetary printing continues and as Bitcoin gains notable Wall Street backers.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analysts Expect Move to $20,000 High as Bitcoin Holds Key Supports
Originally from Bitcoinist.com https://ift.tt/3nD2pzM
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.