Bitcoin has faced some intense selling pressure following its recent rally past $24,000, but bulls were able to thwart it from seeing any intense selloff as its price navigates back up to this key level.
BTC’s continued reaction to this level should provide buyers with some serious insights into where it may trend next. A continued bout of trading below this level potentially elucidates some slight weakness amongst buyers.
On the other hand, a flip of this level into support could significantly bolster the crypto’s price action and allow for it to see serious upside.
Growing buzz amongst retail traders may be enough to fuel a move higher, with prominent public figures like Elon Musk and others promoting Bitcoin on social media.
One trader still believes that there’s a strong possibility that BTC eventually moves to retest its crucial technical support that currently exists around $19,575.
He notes that unless this level is broken below – which is not something that he expects to have happen – there’s a strong possibility that its macro bull run will continue roaring.
Bitcoin Shows Signs of Strength as Buyers Absorb Yesterday’s Selloff
At the time of writing, Bitcoin is trading up marginally at the cryptocurrency’s current price of $23,750. This is around where it has been trading throughout the past couple of days.
It recently rallied as high as $24,200 before finding some serious selling pressure that placed a strain on its price and caused it to reel down to lows of $23,000.
It was able to find some strong support here that has since allowed for further upside. $24,000 remains a strong resistance level, and whether or not it can break above it should provide the market with some serious insights into where it will trend next.
BTC Remains Bullish as Long as It Trades Above $19,575
One trader explained in a recent tweet that Bitcoin’s price action is firmly in bulls control so long as the cryptocurrency holds above $19,575.
He notes that although a test of this level may be unlikely, it could come about due to its technical significance.
“From a technical perspective: BTC support $19’575 area. Look I don’t make the stupid bias fitting rules this is the support I hate it too. It’s probably not hitting. But this means unless we lose the area I’m bullish AF and shorting is illegal,” he said while pointing to the below chart.
Image Courtesy of SalsaTekila. Source: BTCUSD on TradingView.
The coming few days should provide some insights into where the entire market will trend next. So long as the crypto holds above this key price region, bulls remain in control of it.
Featured image from Unsplash. Charts from TradingView.
