The Bitcoin price started a fresh increase earlier today as the bulls aimed at reversing the recent selloff that sent the cryptocurrency as low as $16,219 before forming a support base. At the time of writing, BTC is trading up 2.2% at its current price of $18,092.
BTCUSD Chart By TradingView
This price action represents a steady rise for the world’s leading cryptocurrency, which has managed to surmount the resistance at the $17.5k and $ 17,850 levels. The bears even put up a fight at $18,000, but the bulls prevailed in pushing BTC above this crucial level a few hours ago.
BTC’s current show of strength has resulted in a notable upswing from where the coin has been trading throughout the past day, with bulls previously unable to break above $17K.
Unless Bitcoin faces a harsh rejection at the $18,250 resistance level, there’s a high probability that the flagship crypto-asset could see a further upside in the near-term.
Bitcoin’s Current Price Region is Critical for Future Outlook
As the weekly candle close approaches, many investors are trying to figure out how the world’s leading cryptocurrency will react to intense selling pressure over the next few days.
The direction in which the BTCUSD pair trends next will likely depend on whether bulls can maintain the ongoing uptrend. So far, BTC has surmounted several crucial resistances, and where the candle closes will largely set the tone for the days ahead and offer traders a better insight into its macro-outlook.
According to analyst Josh Rager, a clear weekly close above the resistance that sits right above where BTC is currently trading could give investors important insights into its near-term trend.
He singled out the price region between $17,650 and $17,800 as a potential “sticky area” that could slow down Bitcoin’s ascent.
“Next sticky area is around $17,650 to $17,800 which was previous support prior to the breakdown. Reclaim there and I think that’s a nice start for the price as it should likely move to mid $18ks,” the analyst remarked.
ETH Price Flashes Signs of Strength
ETH has been flashing signs of immense strength since this morning as it continues its uptick from recent lows of $490 set at the bottom of the recent selloff. The ardent defense of $500 by ETH bulls helped push the altcoin higher toward $550.
The $500 level has now been confirmed as a strong support base that will likely bolster the upcoming week’s ETH price action.
At the time of writing, the ETHUSD pair changes hands at $555.19 and is primed to see further upside toward $600 so long as it consolidates above $550 in the coming sessions.
ETHUSD Chart By TradingView