- Bitcoin has actually seen some reasonably uninspired rate action throughout the previous few days and weeks, with the crypto’s rate being unable to surge as it inches towards its $40k resistance
- This has come as its smaller sized counterparts all see huge momentum, with ETH seeing a monumental rally while many smaller sized altcoins likewise rise
- BTC’s lack of extreme benefit has happened due to the extreme selling pressure it has been facing within the upper-$30,000 region, with selling pressure from big whales and investors stunting its growth
- Where the cryptocurrency patterns in the mid-term will unquestionably depend on its continued reaction to its overhead resistance
- One expert believes that there’s a strong possibility it breaks this level in the near-term, which could result in fresh all-time highs
Bitcoin and the entire crypto market are seeing mixed performance. While BTC stalls and has a hard time to break above its resistance in the upper-$30,000 area, Ethereum and lots of altcoins see explosive rallies.
This has made it rather uncertain as to what BTC’s near-term fate is.
One analyst observed that the benchmark cryptocurrency is on the cusp of seeing a movement to fresh all-time highs, but it must first surmount one important resistance level.
Bitcoin Struggles to Gain Momentum as Resistance Holds StrongAt
the time of writing, Bitcoin is trading up simply over 1% at its current price of $37,150. This marks a huge rebound from current lows of $30,000 that were set last week.
The crypto has formed a wide trading range between these lows and its highs of roughly $40,000.
Until BTC breaks above its range highs at $40,000, it might continue seeing relative consolidation.
Analyst Claims BTC Could Be on the Cusp of Move to New Highs
One expert described in a recent tweet that a close above one crucial Fibonacci level might allow Bitcoin to rally to fresh highs.
BTC is pushing up versus this level; however, a rejection could lead it towards the sub-$30,000 region.
“Close above.618 – – target all time highs. Close listed below the mid and grey zone 34k then most likely of the annual level retest around 28-29,” he stated while pointing to the below chart.
Image Courtesy of Trader XO. Source: BTCUSD on TradingView.
The coming few days must offer investors with comprehensive insights into Bitcoin’s mid-term trend and how it will affect other digital assets.
Featured image from Unsplash. Charts from TradingView.