Bitcoin’s price action as of late has greatly favored buyers, with the cryptocurrency being caught within the throes of an intense bout of sideways trading just below $19,000 as buyers try to garner enough buy-side pressure to break through this level.
The selling pressure here has been intense, but it has yet to catalyze any type of intense selloff throughout the past few days.
This seems to point to immense underlying strength amongst buyers and may indicate that near-term upside is imminent. If bulls can break above this level, they may face some resistance around $19,300 before they can push the crypto to new all-time highs.
One trader is noting that there is a Bitcoin “Bear
‘ href=”https://www.newsbtc.com/dictionary/bear/”>BearWhale” May Slow BTC’s Ascent
While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that he is watching for a move to all-time highs.
He also notes that there is a “Bear
‘ href=”https://www.newsbtc.com/dictionary/bear/”>BearWhale is resting at $19.3k and needs relieved of his corns. But more importantly, we have an all time high to make.”
Image Courtesy of LedgerStatus. Source: BTCUSD on TradingView.
Although it may take some time for bulls to chew through these sell orders, it’s clear skies ahead for the crypto once this resistance is broken.
Featured image from Unsplash. Charts from TradingView.