Bitcoin is trading above $ 19,000 once again as that is a crucial level for the cryptocurrency the bulls have been trying to convert into support.
It remains unclear whether BTC will be able to establish meaningful support at this level
Selling pressures in this area have proven to be significant in the past and could continue to hamper growth.
The next market trends likely still depend on whether or not BTC can rebound above its all-time high of $ 19,800.
Whether or not Bitcoin can gain a foothold in this price region should seriously shed light on where it will develop next.
An analyst also believes a break above $ 19,400 this weekend could mean a move to new highs is imminent.
Bitcoin and the entire crypto market have faced some consolidation in the past few days
The selling pressure, which has shown itself to the all-time highs after every rally, was intense and triggered several sell-offs.
Bitcoin has hit several higher lows and is not showing intense signs of weakness.
A trader is now realizing that a break above $ 19,400 could be all the cryptocurrency needs to rebound to new all-time highs.
Bitcoin reclaims $ 19K
Bitcoin is currently trading at $ 19,150. This is roughly the area it has been trading in for the past few days.
Today’s recapture from the $ 19,000 level is positive as it suggests that the cryptocurrency could see serious upward trends in the near future.
Whether or not it can gain a foothold above this region should provide some serious glimpse into its medium-term prospects.
Trader: Break above $ 19,400 could lead to some serious rebound
A trader tweeted that he was looking for a short-term break above $ 19,400.
He claims that this will allow crypto to make new all-time highs as this is now the last resistance level before $ 20,000.
Bitcoin: And since $ 19,400 and $ 19,150 were rejected, it tested the low in the $ 18,500 area, which was tweeted yesterday. All fine, area-bound constructions continue. Breaking $ 19,400 = New ATH. Loss of $ 18,500 = probably $ 16K tests. „