Bitcoin broke below a key bullish trend line level while analysts are eying a move towards $18,400. However, the benchmark cryptocurrency is now trading below this level at $17,950 so let’s read more in today’s BTC price analysis.
Bitcoin was showing some serious signs of strength over the past few days as the bulls were in control of the crypto’s price action but now lost their edge over the bears while the coin drifted lower. Where will it trend in the mid-term will depend on whether or not the buyers can defend against the $18,600 level. One trader pointed to this as the first key support level which followed by some more support around $18,400 so if these levels hold strong in the days and weeks ahead, the market could see some more upside movements as Bitcoin broke below the key bullish trend line.
Bitcoin and the rest of the cryptocurrency market were caught in a bout of intense consolidation over the past few weeks. The movement came as the bulls failed to gain more control over the crypto’s price action as the resistance in the mid-term to upper-term $19,000 region continues holding strong. Where will it trend next will depend on the continued reaction of support that exists below where it is now trading. A break below these levels could open the gates for the market to see more losses.
At the time of writing, BTC was trading down just over 1% with a price of $18,900 which where it was trading over the past few days with the selling pressure seen in the $19,000 region that proves more significant. Where will It trend next will depend on whether or not the bulls will take control of the coin breaking below $18,600 or $18,400 as these are the next key support levels. The test to the former of these levels played in the bulls favor but it remains unclear as to how long they will last.
One trader explained in a tweet that BTC is at risk of more losses after the recent breakdown. He noted that the cryptocurrency dropped below the key bullish trendline with more risks of declining further:
“BTC / USD: Mentioned two days ago that if we saw bulls fail to close the daily above $19,300 then bears would attempt to breakdown from this LTF trendline. This has now been achieved and we are looking for next LTF support. Looking for a bounce at $18,600, or $18,400 next.”
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