There are still a few crucial levels that need to be surmounted before Bitcoin price can see significantly further upside
Bitcoin price has seen a sharp rise higher throughout the day, with the bulls aiming to reverse the recent market-wide selloff as the cryptocurrency started to push higher. At press time, Bitcoin is trading around $ 17,772, up almost 4% over the past 24 hours but still recording a drop of more than 4% over the past seven days.
BTC/USD 4-hour chart | Source: TradingView
There are still some important levels to be overcome before the Bitcoin price can go up significantly
The next trend in Bitcoin will depend largely on whether the bulls can sustain the ongoing uptrend as the weekly candle closes quickly. Where this candle closes is likely to set the tone for the coming week and provide insight into its macro outlook.
Bitcoin is currently trading between several major levels, and how it continues to react to the selling pressure that exists here will provide insight into its medium-term outlook.
At the time of writing, Bitcoin is trading up just under 4% at its current price of $ 17,772. This marks a notable climb from the recent low of $ 16,400 placed at the bottom of the recent full market sell-off. It also marked a noticeable climb from where it was traded throughout the day, with the bulls previously struggling to break out of $ 17,000.
If it can hold above this level and can navigate into the $ 18,000 area, it could be a sign that the next bull run is imminent for the market as a whole.
Crypto trader Josh Rager explained in a recent tweet that Bitcoin’s response to its current price area will provide important insights into its short-term trend. He points to the price range from $ 17,650 to $ 17,800 – that’s where it’s currently trading – as a “sticky zone” that could slow its ascent. So far this is correct.
Bitcoin retesting $17,160 here and I want to see this level flip the move up
Next sticky area is around $17,650 to $17,800 which was previous support prior to the breakdown
— Josh Rager 📈 (@Josh_Rager) November 28, 2020
Unless Bitcoin faces stiff rejection around its current price level, there is a very high chance that the next bull run is imminent in the near term.
You can see the BTC price here.
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