Bitcoin has struggled to get past the mid to upper $ 19,000 region in the past few days and weeks as the pressure to sell is significant here.
As long as the bulls fail to crush the resistance region, which starts at $ 19,400, we may see a longer period of consolidation
However, the last weekly closing price of the cryptocurrency was incredibly bullish and happened to mark the highest closing price ever recorded by the cryptocurrency on many exchanges.
This could improve Bitcoin’s medium-term outlook, but there are still some pessimistic factors that counter this.
Until Bitcoin can leverage this macro-strength to break above $ 19,400 and then above $ 19,800, it could see sustained sideways trading.
Bitcoin and the entire crypto market have been affected by a longer consolidation phase in the last few days and weeks.
The aggregated crypto market has struggled to gain momentum. This can largely be attributed to the benchmark cryptocurrency being unable to break its pre-determined all-time highs.
Overall market development in the medium term will likely depend on whether BTC can set new highs or not.
As one trader notes, it is very likely that we have serious upside potential as the strength of the last week’s close in cryptocurrency can do a lot to add some momentum to the market.
Bitcoin consolidates above key level of $ 19,000
Bitcoin is currently consolidating below $ 19,000 in the region. The asset has been trading in this region for the past few days and weeks.
Selling pressure seen at $ 19,400 has prevented an upward move in recent days, with this being the first major resistance for Bitcoin ahead of the $ 19,800 to $ 20,000 region.
Trader: Bitcoin’s macro outlook strong after the week’s close
Bitcoin saw the highest weekly candle close ever yesterday, which means that serious upside for the cryptocurrency could be imminent.
One analyst wrote about it in a tweet, stating that the development has undoubtedly improved Bitcoin’s prospects:
“BTC: Had an all-time high weekly closing at Bitstamp this weekend. It looks like Coinbase closed right below the 2017 week ATH. So close to $ 20,000 + „