- Bitcoin appears to be trapped in a firm bear trend as the cryptocurrency has not seen any sustained setbacks
- Every rally in the past week has been resolutely rejected. BTC rose to a high of $ 34,500 yesterday before a rejection broke out that brought it down to $ 30,000 today
- Where all the market trends are next will undoubtedly depend on whether or not bulls can protect themselves against a dip below $ 30,000
- The selling pressures that caused the recent decline are showing little sign of easing soon and may cause further losses in the short term
- However, one trader is bullish and notes that bulls could still regain control if they could break above critical levels
Bitcoin and the entire crypto market have recently been exposed to strong selling pressures that hampered the upward trend in BTC that has formed in recent months.
It remains unclear whether this trend has become invalid, but bulls certainly have some serious work to do if they are to reverse the recent sell-off.
Pointing at $ 34,500, an analyst notes that this is a critical level bulls need to break in order for the market to see further bullish moves. Once claimed, it is aiming for a move above $ 40,000.
Bitcoin shows subtle signs of strength as bulls absorb the selling pressure
At the time of writing, Bitcoin is trading just under 1% at its current price of $ 32,000, a remarkable drop from its recent highs of $ 34,500 a few days ago.
The selling pressure has been significant here, showing that bears are still in control of the cryptocurrency price movement.
It fell to $ 30,000 today and was seeing significant buying pressure which is a good sign for bulls.
Here are the main level bulls to aim for
An analyst stated in a recent tweet that he is watching Bitcoin closely to see a move past $ 34,500 in the short term.
He believes this could jump straight to $ 40,000 in the coming days.
“BTC: That $ 34,500 level wasn’t accidental, by the way. Yesterday turned perfectly upside down. Reclaim that and I think we’ll see 40,000+.”
Image Courtesy of George. Source: BTCUSD on TradingView.
Cops have cut their jobs out for them if they want to reverse the recent downward spiral that sent Bitcoin to the under $ 30,000 region.
However, a strong bullish trend reversal could lead to a massive uptrend in the market here.
Featured image from Unsplash. Charts from TradingView.