Bitcoin News

Analyst: Bitcoin Likely to Sweep Its Highs as Bears Face Mass Liquidation

November 24, 2020
  • Bitcoin has been stable below $19,000 for the past few days, with each visit to this level sparking relatively strong pullbacks
  • Where the crypto trends in the near-term will depend largely on whether or not bulls can take control of its price action and push it past $19,000
  • The selling pressure here is significant and may continue hampering its growth over the coming few hours and even days
  • Meanwhile, Ethereum and other altcoins have been leading the chart higher, with many posting parabolic gains over the past few days and weeks
  • The selling pressure seen at $19,000 may continue hampering its growth in the mid-term, but one analyst is expecting it to be tested in the near-term

Bitcoin has been in a clear bull market, with each and every dip being aggressively bought by bulls as traders widely flip long.

Funding rates have been incredibly high over the past couple of days but are often reset by sharp and fleeting downside movements that liquidate long positions.

It is important to note that the cryptocurrency market now appears to be well-positioned to see further upside in the near-term. Ethereum is leading altcoins higher while BTC consolidates below its key resistance.

One trader believes BTC will sweep its range highs at $19,000 once again before facing any plunge.

Bitcoin Stable in Mid-$18,000 Region as Buyers Rotate into Altcoins 

At the time of writing, Bitcoin is stable within the mid-$18,000 region. The selling pressure at $19,000 has proven to be significant but has yet to spark any sustained move lower.

Each dip has been aggressively bought, and this bullish trend shows no signs of ending anytime soon.

Where BTC trends in the mid-term will depend entirely on its reaction to this level. A break above it could help catapult it up to fresh all-time highs.

Analyst Claims BTC Likely to “Sweep Its Highs” Before Plunging 

One trader believes that downside could be imminent in the near-term, noting that he expects Bitcoin to test its highs before reeling lower.

“BTC: Unlikely shorts opened in the red box get a free ride down. At least a sweep of the highs coming first imo.”

Bitcoin

Image Courtesy of George. Source: BTCUSD on TradingView.

The coming few days should provide some insight into where the entire market will trend in the mid-term, as Bitcoin’s continued reaction to $19,000 will be key to determining its mid-term outlook.

Featured image from Unsplash.
Charts from TradingView.