Bitcoin bulls are in full control of BTC
These 4 factors show: Bitcoin bulls are in full control of BTC
Bitcoin and the entire crypto market have been in an intense consolidation phase in recent days and weeks – although the cryptocurrency has seen both breakouts and breakdowns recently.
- Just last night, BTC showed some promising signs of an uptrend that ultimately led to it facing another rejection in the mid-$19,000 region.
- The selling pressure here was not enough to break the underlying strength as BTC has since shown bullish signs as it continues to move higher.
- One trader now gives 4 specific reasons why he is not currently bearish on BTC – and concludes that a break above $20,000 is imminent.
Bitcoin is currently on an upward trajectory following weakness yesterday that saw the Bitcoin Code cryptocurrency’s price fall from a high of $19,600 to a low of $19,050.
This spike came after several days of consolidation that took BTC into bullish territory – but selling pressure within the mid to upper $19,000 region led to another sharp rejection.
Since then, Bitcoin has climbed back towards this key resistance area, and one analyst points to a few key factors that suggest a rise is imminent.
Bitcoin shows signs of strength as price rallies
Currently, Bitcoin is trading at $19,600, which is the same as the daily high reached last night. Where the cryptocurrency goes in the medium term is likely to depend largely on its reaction to selling pressure between $19,500 and $19,800.
Once this region is broken to the upside, all eyes will be on the breakout above $20,000 – which is widely expected to trigger the next massive rally.
4 factors show: This is why the bulls are in control of BTC
One trader writes in a tweet that 4 primary factors are crucial to a bear thesis – and none of them are currently seen in Bitcoin.
„BTC I would be bearish if: – This had been a sweep into clean untested supply (range has been tested 4+ times) – Funding had been positive (it’s going negative across the board) – Premium had spiked (spot is going brrrrr). So yes, I expect a test of 20K soon.“