- Bitcoin has been struggling to break above $20,000, with each visit into the upper-$19,000 region sparking a massive inflow of selling pressure
- The cryptocurrency’s reactions to these rejections have grown more tempered, which is a bull-favoring sign
- Where the entire market trends in the mid-term will depend largely on whether or not this resistance can be surmounted anytime soon
- One trader is noting that there are a couple technical signs that are currently working in the cryptocurrency’s favor
- He points to its ability to stabilize above its cloud formation, as well as its MACD testing a bull cross
- These two factors alone could be enough to bolster its price action and push it higher
Bitcoin and the rest of the cryptocurrency market have been caught within the throes of an intense consolidation phase throughout the past few days.
This has come about due to BTC’s inability to firmly break above the mid-to-upper $19,000 region, with the selling pressure here sparking multiple strong rejections over the past few days.
It has been setting higher-lows following each rejection, and one analyst is now pointing to a couple of indicators that seem to suggest upside is imminent for the cryptocurrency in the days ahead.
Bitcoin Pushes Higher as Bulls Aim for Another $19,800 Test
At the time of writing, Bitcoin is trading up just under 1% at its current price of $19,350. This is around the price at which it has been trading just below throughout the past few days.
Where it trends in the mid-term will undoubtedly depend at least partially on whether or not it can navigate into the mid-$19,000 region without facing any harsh rejection.
If it can do this, then another test of the crypto’s all-time highs of around $19,800 could be imminent.
Analyst Points to 2 Bullish Factors that Boost BTC’s Outlook
One trader is pointing to 2 specific factors that indicate that upside could be imminent for Bitcoin and the entire market.
He notes that BTC’s price is currently holding steady above its cloud formation, with its MACD in the process of testing a bull cross.
“Woke up below 20,000$ – who do we blame for this? On a bright side: – price action chilling above cloud – MACD testing that bull cross…”
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The coming few days should provide insight into whether these technical developments will be enough to propel Bitcoin past its all-time highs.
Featured image from Unsplash.
Charts from TradingView.
Source: These Factors Suggest Bitcoin is on the Cusp of Setting Fresh All-Time Highs