BTC Nears Critical Junction, Analysts Eye Pivoting Mid-Term Outlook
BTC nears critical junction since the past weeks were wild for BTC and the crypto market with the number one cryptocurrency posting massive gains as the rest of the market shows continuous signs of strength so let’s read more in today’s Bitcoin news.
Most other altcoins are starting to take the spotlight as the rally started stalling and the selling pressure was set at $19,000 slowing the ascent while ETH and smaller altcoins increase higher. Where will BTC trend in the near-term will depend on the continued reaction to $19,000. One trader noted that BTC nears a critical junction with the near-term trend potentially entering a pivotal point for the mid-term outlook. BTC was flashing some signs of strength over the past few days and weeks with the selling pressure being set at $19,000 but remained quite intense.
Where will the market trend in the mid-term depends on this level entirely with the rejection here possibility being dire. With that being said, the break above this level could be all that it needs to catch some strong momentum which will send the price higher in the upcoming days and weeks ahead. The upcoming few days should provide more insight into the crypto trend as one analyst noted that it could now trade at a junction point. At the time of writing, BTC is trading up just under 1% with a current price of $18,725 which is around the same price at which it was going through over the past few days.
The selling pressure is above the trading level that proves to be quite intense but it has still room to catalyze more rejection. This led analysts to turn bullish on Bitcoin and await for an imminent break above the crucial resistance level. One analyst explained that BTC will reach a critical junction soon, which is now trending in the near-term could set the tone for where it trends in the upcoming days and weeks ahead. He is specifically looking for the reaction to both $19,000 with a current $18,500 support:
“IMO we’re at that BTC junction where… -Buyers show up aggressively from 18.5k support zone, like they did after early Asia dip past week, and we take a shot at 19k again. OR -18.5k buyer get [destroyed], we break down and break down again, buy the dip market is no more.”