Over the past week, BTC price action has been more explosive than ever, resulting in the world’s largest cryptocurrency hitting a new all-time high.
However, FOMO from the milestone did not garner enough momentum to push BTC past $20K, as “OG whales” who invested in the coin early on started taking profits.
This immense selling pressure has offset the heavy influx of new retail money and institutional investors, leading to wild volatility in the BTC market.
As of this article’s writing, BTCUSD is up by about 2.4% at its current price of $19,489. The bulls and bears seem to have reached a standoff, which could either result in a drop back into the upper $18K regions, or $19.5K will finally give in as resistance.
BTCUSD Chart By TradingView
According to analyst Crypto DonAlt, BTC has demonstrated strength after the bulls managed to hold the mid-$18,000 region throughout the past few days. This trend suggests that further upside is imminent in the coming days.
BTC Price is Pushing Towards Critical Resistance
BTC is now trading well above $19K after facing a rejection around its latest peak, resulting in a plunge to lows of $18,200.
The selling pressure around its current price has sparked multiple selloffs in the past week, and analysts are watching to see whether or not the next test will allow BTC to crack the critical resistance near $19.5K.
As things stand, the flagship cryptocurrency’s trend remains firmly in bulls’ favor as long as it holds above the mid-$18K zone.
Investors should watch the coin’s price action over the next few sessions to see where it trends in the mid-term. For BTC to surge higher, bulls must maintain the trend of setting higher-lows after each rejection around its recent highs.
ETH Price Approaches Key Breakout
After facing a downside reaction yesterday, ETH found support above $580 and corrected higher past the resistance near $600 and $602.
That recovery wave took the ETHUSD pair higher to trade up 2.73% at its current price of $613 at press time. Any further gains in the coming sessions will likely call for a breakout to new yearly highs above the $636 level.
ETHUSD Chart By Tradingview