Bitcoin Rests On Important Support Level Below $19,000: Analysis

Bitcoin rests on an important support level below ,000 as the entire crypto market suffered a drop yesterday afternoon, with the bulls trying to slow it down.
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In our latest Bitcoin news today, we are reading more about the price analysis of the benchmark cryptocurrency.

The market marked a bear-trend continuation over the past week as the cryptocurrency was facing huge selling pressure. This all began when BTC broke $19,000 as this was a long pivotal level for the asset. Where will the crypto trend in the mid-term will depend on where the aggregated market will head next. One trader noted that a move above $18,100 will take place in the near-term and added that the resistance level has to be broken above for more reversals to be seen. BTC and the entire crypto market have not seen a huge upward momentum as of late.

The strong uptrend guided the market higher over the past few months and the bears were trying to take control. The weakness came about due to the inability of the crypto to break above its previously set all-time high and another trader noted that the cryptocurrency will likely see a rebound but one key level has to be broken first. At the time of writing, BTC was trading down under 2% with a current price of $17,900 which is around the same price at which it was trading over the past few days.

Where will the entire market trend in the mid-term will depend on the $18,000 level as Bitcoin rests on an important support level slightly above it. It remains to be seen how strong the selling pressure here will turn out to be. Bitcoin’s current technical outlook shows that the cryptocurrency is resting atop key support which will help it move higher in the near-term, according to an analyst. It remains unclear as to how strong the selling pressure at this level will end up being:

 “BTC LTF Analysis: Currently resting at support, these are my thoughts. Likely we could see a move back towards $18,100 to confirm it as resistance, needs to see a strong S/R flip of that level to get excited. Currently flat and watching. Shorting below $17,600 is not the play.”

The upcoming few days will offer more insight into Bitcoin’s reaction to these key levels and breaking them will give us some more room for a rebound towards $19,000 as the weekly close approaches.