Bitcoin and the aggregated crypto market are consolidating following Bitcoin’s recent rejection at its yearly highs.
The cryptocurrency has been unable to spark any sustained moves past $13,200, signaling that the selling pressure here is significant and may continue slowing its ascent.
Despite its short-term trend being somewhat unclear, there’s no questioning that Bitcoin’s macro trend is shaping up to be extremely bullish.
As such, one analyst is noting that a move to $17,000 could be just a couple of months away.
Bitcoin Consolidates Around $13,000 as Buyers and Sellers Reach an Impasse
At the time of writing, Bitcoin is trading down just over 1% at its current price of $13,000. This is around where it has been trading throughout the past few days.
Yesterday, bulls attempted to break this trend and propel it higher, but a move past $13,300 resulted in an influx of selling pressure that sent it reeling lower.
Its inability to see any sustained rally does indicate that the selling pressure it is facing above its current price level is quite significant.
Where it trends next should depend largely on whether or not it can push past the resistance laced throughout the lower-$13,000 region.
BTC Poised to See a Sharp Climb to $17,000, Claims Analyst
He is specifically pointing to $17,000 as a target that he expects to be reached by the end of the year.
Image Courtesy of Crypto Michael. Source: BTCUSD on TradingView.
The coming few days should provide insights into whether or not the resistance Bitcoin is currently facing will be enough to spark any selloff.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3jBkufv
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