- Bitcoin and the aggregated cryptocurrency market are currently pushing higher, with bulls moving to erase all of the losses that came about as a result of the recent selloff
- The selling pressure seen around its all-time highs in the mid-$ 19,000 region was unsurprising, but it may not hold strong during the next test of this level
- Traders believe that today’s rebound may not last for too much longer, with the selling pressure in the lower-$ 18,000 region potentially being a major obstacle for the cryptocurrency
- One trader is specifically noting that all the key levels are pointing towards the region surrounding $ 18,400 as a key level that must be surmounted
Over the past few days and weeks, Bitcoin’s price action has done little to provide traders with insight into where the entire market will trend next.
After rallying up to its all-time highs around $ 19,500, the cryptocurrency faced a firm rejection that caused it to reel as low as $ 16,400.
This selloff brought the crypto into oversold territory, as its price was subsequently able to see some massive momentum that led it all the way up past $ 18,000.
Where it trends next will depend largely on $ 18,400, as this is a key level that one analyst is closely watching.
Bitcoin Gains Momentum as Selling Pressure Evaporates
At the time of writing, Bitcoin is trading up just under 2% at its current price of $ 18,100, which marks a notable rise from its recent lows of $ 16,400 set at the bottom of the recent market-wide selloff.
Where Bitcoin trends in the days and weeks ahead should depend largely on whether or not it can gain a solid foothold within the lower-$ 18,000 region. If it can, it may be on the cusp of seeing a strong move higher.
Analyst Claims All Key Levels Suggest BTC Could Tap $ 18,400 Next
One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a move up towards $ 18,400 before it loses its momentum and sees a rejection.
He notes that a break above that level could help spark a move up towards fresh all-time highs.
“BTC: All key levels lining up in the red area. Think if we’re about to head lower it will be from there. Break above and ATH’s next imo. Exciting [week] ahead of us!”
Image Courtesy of George. Source: BTCUSD on TradingView.
This level will likely be tested in the coming few days, with Bitcoin’s reaction to this level potentially providing investors with serious insights into its outlook.
Featured image from Unsplash. Charts from TradingView.