{"id":5725,"date":"2020-11-28T18:15:14","date_gmt":"2020-11-28T18:15:14","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451020"},"modified":"2020-11-28T18:15:14","modified_gmt":"2020-11-28T18:15:14","slug":"here-are-the-crucial-levels-bitcoin-must-break-to-see-an-explosive-move-higher","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/here-are-the-crucial-levels-bitcoin-must-break-to-see-an-explosive-move-higher\/","title":{"rendered":"Here are the Crucial Levels Bitcoin Must Break to See an Explosive Move Higher"},"content":{"rendered":"

Bitcoin has seen a strong move higher throughout the past day, with bulls aiming at reversing the recent market-wide selloff as the cryptocurrency begins pushing higher.<\/p>\n

Where it trends next will likely depend largely on whether or not bulls can maintain the ongoing uptrend<\/a> as the weekly candle close fast approaches. Where this candle closes will likely set the tone for the week ahead and offer insight into its macro-outlook.<\/p>\n

There are still a few crucial levels that need to be surmounted before Bitcoin can see significantly further upside.<\/p>\n

It is currently trading between a few key levels, and how it continues reacting to the selling pressure that exists here will provide insight into its mid-term outlook.<\/p>\n

One trader is now noting that a break above the resistance that sits right above where it is currently trading at could lay the groundwork for the benchmark cryptocurrency to see an explosive move higher shortly.<\/p>\n

A rejection here, however, could stunt its growth and cause it to resume the downtrend that came about after it faced a rejection around its all-time highs in the mid-$19,000 region.<\/p>\n

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up<\/strong> <\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up just under 4% at its current price of $17,750. This marks a notable climb from its recent lows of $16,400 set at the bottom of the recent market-wide selloff.<\/p>\n

It also marks a notable upswing from where it has been trading throughout the past day, with bulls previously struggling to break above $17,000.<\/p>\n

If it can hold above this level and possibly navigate into the $18,000 region, it could be a sign that further upside is imminent for the entire market.<\/p>\n

Analyst Claims Current Price Region is Critical for Future Outlook<\/strong><\/h2>\n

One trader explained<\/a> in a recent tweet that Bitcoin’s response to its current price region will offer important insights into its near-term trend.<\/p>\n

He points to the price region between $17,650 and $17,800 – which is where it is currently trading – as a “sticky area” that may slow its ascent. So far this has proven to be accurate.<\/p>\n

\n

“BTC: Bitcoin retesting $17,160 here and I want to see this level flip the move up. 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.”<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView<\/a>.<\/pre>\n
Unless Bitcoin<\/a> faces a harsh rejection around its current price levels, there’s a strong possibility that further upside is imminent in the near-term.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen a strong move higher throughout the past day, with bulls aiming at reversing the recent market-wide selloff as…<\/p>\n","protected":false},"author":1,"featured_media":5726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-5725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5725"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5725"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5726"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}