Bitcoin Price Surges over $21,480 Only to See Bulls Struggle to Sustain Selling Pressure
On January 17 and January 18, the bulls were able to push Bitcoins trading price over the overhead resistance level. It was on two different occasions that the investors were able to do it.
The next thing that the bulls were expecting and were hoping to do was to sustain the pressure coming in from the bears at $21,480.
Being the overhead resistance, it was clear that the bulls were going to increase their selling pressure in order to pull Bitcoin lower.
However, the bulls failed to sustain the pressure as not much help could come from the buyers at this mark.
Still Difficult to Sustain Pressure at Higher Levels
The recent activity has made it clear that no matter the strength they apply, the bulls cannot sustain the selling pressure at the higher levels for now.
The bears are not ready to let the bulls drive the trend to higher levels. They will do whatever they can to pull BTC’s price lower and prove that they are still in power.
The bears are strongly protecting the particular levels and they are aiming to do it for a long time. Therefore, the bulls will need to come up with something far stronger than their current rallies to push BTC’s price higher.
Short—Term Traders are Benefitting from the Trend
It is the short-term traders that are currently running the show. Initially, they sided with the bulls, and later, they shifted their attention toward the bearish side.
They accumulated Bitcoin on a large scale, which saw the asset’s price get pushed higher at a tremendous rate.
Once the price of the asset was high enough, the short-term investors increased their selling power to pull BTC’s price lower.
For now, the trading price of the asset is over $20k but there is no telling where the bears may drive it in the upcoming days.
If the price of BTC starts to take fall, it may drop below $20k until the bulls stop them at $19,489, a strong support level.
If the bears keep giving in their best, then the trading price of BTC may dive to a low of $18,865.
Bitcoin Price May Shine
Then come the bullish sentiments of the investors that may trigger stronger rallies in near future. If the confidence level of the investors stays put, they may be able to form stronger buying sprees.
That may help push the trading price of Bitcoin to higher levels. If the momentum keeps building up, then the trading price of BTC may surge to a higher level.
The report suggests that the trading price of Bitcoin may get pushed to a high of $25,000