Bitcoin has gotten into a strong uptrend in the aftermath of the recent sell-off, with the bulls having largely absorbed selling pressure.
After falling to lows of $ 16,400, the cryptocurrency saw a massive boom that has now taken it above $ 18,000
Bitcoin’s current momentum shows little sign of slowing down, and there is a strong likelihood that further upward moves are imminent in the near future.
However, one trader notes: It is now imperative that the bulls hold Bitcoin above $ 17,700-17,850.
He suggests that a break below this support could result in Bitcoin being pulled down into the $ 16,000 region.
Bitcoin and the rest of the crypto market are currently in a rally – even the recent Bitcoin sell-off has done little damage to the market as the bulls try to make up for any losses.
BTC is now trading above $ 18,000 again and showing no signs of slowing. Should this level become a support, it could allow for significant further growth in the coming days and weeks.
One trader now comments that holding above the top $ 17,000 is critical for the market to move higher – and that a break below that range could open the gates for a decline towards $ 16,000.
Bitcoin is gaining momentum, bears are stalling
Bitcoin is currently listed (buy now? Click here for instructions) at a price of 18,455 US dollars. This represents a remarkable increase from the lows of $ 16,400 at the end of the recent sell-off.
The strength the aggregate market has seen lately seems to suggest that further upside is imminent – and that this recent sell-off was just another “buy the dip” opportunity.
For this to be confirmed, however, BTC must show signs of stability in the coming days and weeks.
Trader: BTC has to stay in the upper $ 17,000 region for further uptrend
One trader tweeted that Bitcoin needs to stay stable above $ 18,000 in order for the market to maintain momentum.
He points to the upper $ 17,000 region as the key support area and comments that a break down could open the gates for a move towards $ 16,000.
“The critical level to maintain is the $ 17,700–17,850 mark. If that is lost, we will probably see the 16s again. “