Bitcoin rises above $24,000 – market-wide uptrend seems unstoppable
- Bitcoin experienced a massive surge a few hours ago, allowing it to rise above $24,000 for the first time.
- Where the aggregate crypto market is headed in the medium term could largely depend on whether or not buyers can use the $24,000 level as support.
- It seems that the selling pressure just here is quite intense and may lead to us seeing continued weakness.
- One trader is now pointing to the resistance directly above the current BTC trade, noting that it could cause the cryptocurrency to see continued weakness.
- So far, it appears that there is strong pressure from the buy side above this key price region, but it remains unclear how long this will last.
Bitcoin and the entire cryptocurrency market are currently in the midst of another wave of strong buying pressure that has allowed BTC to surpass $24,000 for the first time.
Where the entire market is headed in the medium term will largely depend on whether BTC can find 1K Daily Profit strong support around $24,000, as bulls and bears are currently battling for control of this level.
One trader notes that the cryptocurrency could see a sharp breakdown after shedding liquidity at its recent highs.
Bitcoin rises… and rises
At the time of writing, bitcoin is trading for $23,450, a remarkable rise from its recent low of $22,800, reached just a few hours ago.
The medium-term trend is likely to depend largely on whether BTC can establish itself above $24,000.
So far, it doesn’t look like the bulls have enough strength to do so, with the price rising as high as $24,200 before suffering a sharp rejection.
Trader claims BTC is likely to be under heavy selling pressure
One analyst wrote in a tweet that there is a strong possibility Bitcoin will fall lower in the coming days as the cryptocurrency clears out a key liquidity region with its recent rally above $24,000.
„Bitcoin: Could see another pop higher into the red zone. This is the point where I would tighten trailing stops on my longs if I were in one. Should go up quickly. But could also fall back down quickly afterwards. Otherwise, we see buyers coming higher to break through resistance and we’re flying.“
If Bitcoin cannot convert this level into a support base, there is a high probability that it will consolidate or experience short-term weakness.