Bitcoin has seen some mixed price action over the past few days, but it had primarily favored the cryptocurrency’s buyers.
While the resistance in the lower-$24,000 region has proven to be a major hurdle for the crypto, each decline sparked by rejections at this level has proven to be short-lived and followed by serious upside.
This pattern of setting higher lows does indicate that bulls are still in full control of the crypto’s price action.
It is important to note that BTC’s strength has come as the entire BTC’s uptrend may continue contributing to altcoins’ weakness and potentially spark capitulation.
Analyst: BTC Likely to Clear Range Lows Before Uptrend Begins
Despite Bitcoin’s stability around its current price levels, one analyst is noting that there’s a strong possibility that it clears its range lows before seeing any further upside.
This could mean that it will tap $23,000 and consolidate before it makes its next push higher.
“BTC: Thinking we retest some lower demand from here and sweep some lows. Let it range a little, reset premium and funding to have enough power for the next leg up.”
Image Courtesy of George. Source: BTCUSD on TradingView.
Bitcoin will likely remain in an uptrend until investors cycle money out of it and into altcoins, which could take some time.
Featured image from Unsplash. Charts from TradingView.
