Bitcoin Reaches Multiple Key Resistance Levels; Will They Spark a Selloff?
- Bitcoin’s price has reached multiple key levels as a result of its latest push higher
- This rally came about rather unexpectedly overnight and drove many altcoins to see immense losses
- This is one of the rare days where Bitcoin is trading up significantly while altcoins all reel lower
- It remains unclear as to whether or not this will be the new norm for the next few weeks or if today’s price action is simply a fluke
- The coming few days and weeks should provide insight into this trend
- One analyst is noting that Bitcoin may also face some heightened selling pressure in the near-term due to multiple heavy resistance levels
The cryptocurrency’s latest move higher came about rather unexpectedly and appears to have been fueled by an exodus away from altcoins.
Many investors are growing fearful that BTC will continue climbing at the expense of smaller beta assets. However, it is still a strong possibility that today’s move is simply an outlier and not emblematic of a new trend.
Bitcoin has been leading the crypto market higher throughout the past few days, with its recent break out of its consolidation phase, acting as a launchpad for the entire market.
“Took some profits on BTC at diagonal and horizontal resistance. Looking to add some back lower or on a close above diag/horizontal,” he said while pointing to the below chart.
Bitcoin Pushes Towards $12,000 in Unexpected Overnight Movement
One analyst said that Bitcoin is likely to slow its ascent here, as it has now reached multiple key resistance levels.
This trend has come to an end today, however, as BTC’s latest rally has sucked the air out of altcoins, causing many of them to post major losses as the benchmark cryptocurrency rallies higher.
Image Courtesy of Pentoshi. Source: BTCUSD on TradingView.
He notes that he will either wait for a retrace, or a break above these levels, before adding to his positions.
Featured image from Unsplash.
Charts from TradingView.
At the time of writing, Bitcoin is trading up over 1% at its current price of ,880.
How BTC trends in the coming few days should provide some serious insights into how long this trend will persist.
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