Bitcoin has struggled in recent days and weeks to move beyond the mid to upper $19,000 region, where selling pressure is significant.
As long as the bulls are unable to break the resistance region, which starts at $19,400, we may be in for a prolonged consolidation phase.
However, the last weekly closing price of the crypto currency was incredibly bullish and happened to mark the highest ever closing price of the crypto currency in many exchanges.
This may improve Bitcoin Trader medium-term prospects, but there are still some pessimistic factors that counteract this.
Until Bitcoin can use this macro-strength to break above $19,400 and then above $19,800, there could be sustained sideways trading.
Bitcoin and the entire crypto market has been affected by a prolonged consolidation phase in the last days and weeks.
The aggregated crypto market has struggled to gain momentum. This can be largely attributed to the fact that the benchmark crypto currency was unable to overcome its previously established all-time highs.
In the medium term, the overall market development will probably depend on whether BTC can set new highs or not.
One trader now states: „It is very likely that we are facing serious upside potential, as the strength of the crypto currency’s last week close can do much to add some momentum to the market.
Bitcoin consolidates above key $19,000 level
Bitcoin is currently consolidating in the region below US$19,000. In the last days and weeks the asset has traded in this region.
Selling pressure, which was seen at $19,400, has prevented an upward movement in recent days, with this being the first major resistance for Bitcoin before the region between $19,800 and $20,000.
Bitcoin experienced the highest weekly candle closing ever yesterday, which means that serious upside potential for the crypto currency could be imminent.
An analyst writes about it in a Tweet and explains that the development has undoubtedly improved Bitcoin’s prospects:
„BTC: Had reached an all-time high this weekend at Bitstamp It looks like Coinbase closed just below the 2017 weekly ATH. So close to $20,000+“
Although Bitcoin still has a few hurdles ahead of it before it can reach new all-time highs, the strength it shows over longer periods of time is incredibly bullish.