- If it isn’t already clear, Bitcoin is caught in the throes of a full-fledged bull market as its price rallies towards $15,000
- This move came about in the form of a parabolic advance overnight, with buyers overwhelming sellers once again
- The cryptocurrency is showing few signs of weakness as it continues flashing immense signs of strength
- Where it trends in the near-term will likely depend on its continued reaction to $15,000
- Traders are noting that the next key resistance level sits around $15,700, and a break above here could send it up to all-time highs
“BTC HTF Analysis: Look how clean that current monthly candle is looking, I know we are only a few days in but the clean wick below and consistent buying pressure is super impressive. Next resistance level is around ,700, a monthly close above ,000 would be insane to see.”
At the time of writing, Bitcoin is trading up 5% at its current price of ,850. This is around the price at which it has been trading throughout the past few days.
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
Bitcoin is beginning to flash some signs of immense strength as buyers propel it up towards ,000.
Bitcoin Rockets to $15,000 as Analysts Eye Further Upside
Where the market trends in the near-term may depend largely on its continued reaction to ,000 as well as the strong selling pressure that sits at ,700.
He noted that a monthly close above ,000 would be ultra-bullish.
Buyers are in full control of the market, and there’s a strong likelihood that further upside could come about in the days and weeks ahead.
Analyst: Move Towards $15,700 Likely as Resistance Mounts
Where it trends in the near-term will likely depend mostly on whether or not bulls can break above this level or if it will enter another consolidation phase.
Featured image from Unsplash.
Charts from TradingView.
While sharing his thoughts on where the cryptocurrency might trend in the near-term, one analyst explained that a move to ,700 is likely due to the resistance that sits here.
The selling pressure at ,000 did slow its ascent, but it has yet to spark any sharp or sustainable selloff.
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