- Bitcoin has seen some relatively lackluster price action throughout the past few days and weeks, with the crypto’s price being unable to surge as it inches towards its $40k resistance
- This has come as its smaller counterparts all see massive momentum, with ETH seeing a monumental rally while many smaller altcoins also surge
- BTC’s lack of intense upside has come about due to the intense selling pressure it has been facing within the upper-$30,000 region, with selling pressure from large whales and investors stunting its growth
- Where the cryptocurrency trends in the mid-term will undoubtedly depend on its continued reaction to its overhead resistance
- One analyst believes that there’s a strong possibility it breaks this level in the near-term, which could lead to fresh all-time highs
Bitcoin and the entire crypto market are seeing mixed performance. While BTC stalls and struggles to break above its resistance in the upper-$30,000 region, Ethereum and many altcoins see explosive rallies.
This has made it somewhat unclear as to what BTC’s near-term fate is.
One analyst observed that the benchmark cryptocurrency is on the cusp of seeing a movement to fresh all-time highs, but it must first surmount one crucial resistance level.
Bitcoin Struggles to Gain Momentum as Resistance Holds Strong
At the time of writing, Bitcoin is trading up just over 1% at its current price of $37,150. This marks a massive rebound from recent lows of $30,000 that were set last week.
The crypto has formed a wide trading range between these lows and its highs of roughly $40,000.
Until BTC breaks above its range highs at $40,000, it may continue seeing relative consolidation.
Analyst Claims BTC Could Be on the Cusp of Move to New Highs
One analyst explained in a recent tweet that a close above one key Fibonacci level could allow Bitcoin to rally to fresh highs.
BTC is pushing up against this level; however, a rejection could lead it towards the sub-$30,000 region.
“Close above .618 – target all time highs. Close below the mid and grey zone 34k then most probable of the yearly level retest around 28-29,” he said while pointing to the below chart.
Image Courtesy of Trader XO. Source: BTCUSD on TradingView.
The coming few days should provide investors with detailed insights into Bitcoin’s mid-term trend and how it will influence other digital assets.
Featured image from Unsplash. Charts from TradingView.