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Bitcoin Claims Crucial Level, But Break Below It Could Lead to $16,000

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Bitcoin Claims Crucial Level, But Break Below It Could Lead to $16,000

Bitcoin Gains Momentum as Bears Falter 

One trader explained in a recent tweet that Bitcoin should hold steady above $18,000 for the market to keep its momentum.

At the time of writing, Bitcoin is trading up just over 2% at its current price of $18,115. This marks a notable surge from its lows of $16,400 set at the bottom of the recent selloff.
Bitcoin
One trader is now noting that holding above the top -$17,000 region is critical for the market to move higher.

Featured image from Unsplash.

Image Courtesy of Michaël van de Poppe.

He notes that a break below this price region could open the gates to get a reduction down towards $16,000.

  • Bitcoin has been captured within a powerful uptrend at the time following its recent selloff, with bulls largely absorbing the inflows of selling pressure
  • After reeling down to lows of $16,400, the cryptocurrency faced a massive rebound that has now led it past $18,000
  • Its current momentum is showing few signs of slowing down, and there is a strong possibility that additional upside is imminent from the near-term
  • One trader is imagining that it is now imperative that bulls hold the crypto above $17,700-17,850
  • He notes that a break below this support could cause the crypto to reel down into the $16,000 area

“Crucial level to hold is the $17,700-17,850 breaker. If that is lost, I think we will see the 16’s again.”

The strength seen from the aggregated market as of late does appear to imply that further upside might be imminent and that this newest selloff was simply another”buy the dip opportunity.”

Trader: BTC Must Hold Above Upper-$17,000 Region for Uptrend to Persist

Charts from TradingView.

He specifically points to the top -$17,000 region as a key area of support, noting that a break below could open the gates for a move down towards $16,000.

Released at Sun, 29 Nov 2020 17:00:55 +0000

BTC is now trading back above $18,000 and is not showing signs of slowing down. If this level becomes a foundation of support, it might allow for significantly further growth in the days and weeks ahead.

For this to be confirmed, BTC will need to show signs of stability in the days and weeks ahead.
The coming few days should provide some insight into the strength of this ongoing rebound. Any continuing uptrend here should allow for significantly further gains in the days and weeks ahead.
Bitcoin and the remainder of the crypto market are rallying, with Bitcoin’s recent selloff doing little damage to the market as bulls aim to erase all the losses.

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