BTC-Trader sees decline to $17,000 – selling pressure increases again
- Bitcoin has experienced some severe turbulence in recent hours, with selling pressure in the mid $19,000 region again proving too much for the asset.
- BTC has been hit by a sustained wave of consolidation in recent days, with bulls guarding the mid $18,000 region while bears continue to build massive selling walls around $19,500.
- The frequency of rejections in this price region is a grim sign – it could mean that a downward trend is imminent.
- One trader is now waiting for a return to the $17,000 region where robust support is seen.
Whether or not this decline will occur will likely depend largely on the crypto currency’s continued reaction to the $19,000 mark.
Bitcoin has struggled to find enough support on Bitcoin Machine the buying side to break the all-time high, which is currently in the upper $19,000 range.
Selling pressure here has proved to be quite intense on several occasions in the past and where it will develop next depends largely on how it continues to react to this level.
As BTC has faced overnight rejection here, one trader expects Bitcoin to plummet towards $17,000 before it finds significant support.
Bitcoin tries to hold above $19,000
Bitcoin is currently quoted at a price of $19,100. The asset has tried to reclaim this key price as support, but currently there is strong selling pressure, which is creating headwinds.
If it manages to break above this level and stay above it, it could experience a serious rally in the coming days and weeks.
Analysts look to $17,000 after recent sell-off
One trader believes that the overnight rejection at $19,500 indicates an underlying weakness among the bulls, which could indicate that a downward move towards $17,000 is imminent.
He has shared a chart with this downward target and comments that this move will liquidate bulls and move BTC into a support zone that could trigger an even stronger upward movement.
Soon there should be a serious insight into where the whole market will go in the days, weeks and months ahead.
If Bitcoin can reclaim and hold $19,000, it may mean that another uptrend is imminent.