Bitcoin repeatedly fails at its all-time high – which is now worrying analysts

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 + „

Related Articles

Este sinal principal é característico de uma corrida de touro para Bitcoin

As últimas semanas têm sido bastante favoráveis para a ação de preços da Bitcoin. Na época da imprensa, a moeda estava testando uma resistência chave em torno de $13K, e se essa resistência fosse quebrada, isso levaria a Bitcoin para a ATH deste ano. Curiosamente, outra métrica que é bastante favorável para muitos Bitcoiners é […]
Read more

Coinbase Inc. under forberedelse til en børsnotering: Rapport

Coinbase Inc., en af ​​de mest populære cryptocurrency-børser, er angiveligt klar til en direkte notering på aktiemarkedet, ifølge kilder. En uafhængig forsker, * Walter Bloomberg, tweetede først om nyheden. Reuters offentliggjorde også en lignende rapport for et stykke tid tilbage, hvilket yderligere bekræftede rapporterne Dette vil være den første forekomst af en børs, der tilbyder […]
Read more

Litecoin in search of higher profits, look where it’s going

Although Bitcoin is getting all the attention, already altcoins like Litecoin (LTC) are preparing to look for better returns. Did you like the content? Share it Click to share on Twitter (opens in a new window)Click to share on Facebook (opens in a new window)Click to share on LinkedIn (opens in a new window)Click to […]
Read more
Search for: