Bitcoin and the cryptocurrency market have recently undergone an intense phase of consolidation. The moves come despite the cryptocurrency’s late attempts to both break and crash.
Just last night, BTC showed some promising signs, ultimately culminating in another rejection in the $19,000 zone.
Sales pressure here has increased, but this has not been enough to deal a blow to BTC’s underlying strength, as BTC has shown bullish signs.
One trader points to 4 specific reasons why BTC is not falling at the moment and concludes that a break above $20,000 is imminent.
Rise After Fall
Bitcoin is currently rising after encountering some weakness yesterday that caused the price of the cryptocurrency to fall from highs of $19,600 to $19,050.
The increase came after a period of multi-day consolidation that allowed BTC to draw a bullish flag on its chart. But sales pressure in the middle of the $19,000 zone once again caused BTC to see a sharp rejection.
Since then, BTC has risen to this key resistance zone. One analyst points to a few key factors that suggest that the upward movement, that is, the upward movement, is imminent.
Bitcoin Shows Strong Signs
Bitcoin is currently trading at $ 19,522. That level marks only a slight drop from their daily high of $19,600 set last night.
Over the medium term, cryptocurrency trends are expected to depend largely on the response to selling pressure of $ 19,500 to $ 19,800.
When that territory breaks upwards, all eyes will be watching closely the $20,000 break, which is expected to spark the next big rally.
Note These 4 Key Factors
A trader using the name @George1Trader on Twitter 4 pointed to the main factor, stressing that these factors are extremely important for bears, but none of them are currently in Bitcoin.
According to the trader, these 4 main factors are a clean supply, increased financing, higher premiums and the re-question of the test towards 20 thousand dollars.
Bitcoin’s response to intense resistance just above current price levels will shed light on where it is headed in the medium term.