BTC trends in near-term will likely depend on whether or not Bitcoin price can gain a stable footing within $ 17.000 – $ 18.000
Bitcoin price has seen huge fluctuations throughout the past few days and weeks when buyers have complete control over the price action. The short-term price trend will likely depend largely on whether Bitcoin can gain a foothold in the $ 17,000 – $ 18,000 region.
Bitcoin price crosses $ 17,000 as the bulls take control
At press time, Bitcoin is trading around $ 17,679, up more than 5% over the past 24 hours. Bitcoin appears to be facing some resistance just above its current price level, but it’s not clear how long its current range-cap trading will last before it moves higher.
If it can continue to hold above $ 17,000, the cryptocurrency could see enormous momentum in the near term, making it past the highs of $ 20,000 set in 2017.
According to analyst Ki Young Ju, he observes OTC trading activities for Bitcoin, showing that large buyers are looking to buy cryptocurrencies in bulk from exchanges.
“I think massive BTC OTC deals are still on-going. Tokens Transferred (not entity-adjusted) is increasing, indicating that big wallets are moving their funds. Fund Flow Ratio is decreasing, meaning that exchanges didn’t make these transactions.”
Where the BTC trend in the coming days will provide some serious details about its medium-term outlook. If OTC volume is symbolic of interest in cryptocurrencies, this trend could be very beneficial.
You can see the BTC price here.
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