A strong reaction to the upper-$19,300 region will be crucial for Bitcoin price to see any further mid-term upside
Bitcoin price is hovering above the critical support of $ 19,000 after continuing to be rejected at $ 19,400. Resistance at this level has been holding strong for the past few weeks, with buyers trying and failing on multiple occasions to post a continuous break above that level. Once broken, the next key resistance zone to watch on is between $ 19,800 and $ 20,000. A solid break above here could mean that the next stage of BTC’s parabolic rise is imminent.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price breakout above $ 19,400 may just be a matter of time before Bitcoin sees a rally past $ 20,000
At press time, BTC is trading slightly up at its current price of $ 19,350. This is where it has been trading throughout the day, with $ 19,400 continuing to prevent it from growing further.
Once this level is broken, posting a strong response to the zone above $ 19,000 will be crucial for Bitcoin to see any further mid-term price spikes. A rejection here could cause it to spiral downward, as it had many times in the past.
According to crypto analyst Byzantine General, how Bitcoin responds to the $ 19,300 level is crucial as a break above this level could cause BTC to drop, fueling the cryptocurrency’s price action.
He stated:
“Shorts were really aggressive again and they’re underwater now. Breach through 19300 and they get squeezed hard.”
This squeeze likely needs to happen sooner to have a strong impact on BTC’s price action, as the bears can slowly exit their short positions while Bitcoin is still hovering below the level this important.
Read more:
- Bitcoin Price Dropped To The $17,600 But Now Is Recovering The $18,000 Line, The Expected BTC Correction Has Started
- Bitcoin Price Down Another 2% Since The Trading Session Began An Hour Ago, Pushing Under $18,000 Yet Again