Bitcoin and the aggregated crypto market have been striving to gain any momentum during the past few days.
The entire market drifts in the near-term should depend mainly on Bitcoin’s reaction to a few key price levels that analysts have been watching for quite some time.
One trader is remarking that a break below $15,500 is what bulls need to guard against in the near-term, as this could catalyze a sharp selloff that sends its price plunging towards $13,000.
Bitcoin Fights to Gain Drive as Selling Demand Ramps Up
At the time of this writing, Bitcoin is trading down marginally at its current price of $15,930. This is around where it has been trading throughout the past couple of days.
Today the crypto closes its weekly candle, and this must close above $16,000 for BTC to see a further momentum in the days and weeks ahead.
A close below this level could strike a heavy blow to its price action and potentially lead it to see some severe near-term losses.
Bitcoin Could Roll Towards $13,000 If It Cracks One Key Level
While giving his thoughts on where Bitcoin might trend in the near-term, one analyst described that he is watching for a decline towards $13,000 if BTC fails to hold above $15,500 in the days ahead.
“The market, in general, is at crossroads of direction. Breaking below $15,500 and I assume we’ll see a correction across markets with BTC to possibly $13,000 or lower.”
This drop could come about if Bitcoin closes its weekly candle below $16,000.
It does seem that the market is now beginning to price this in as a risk, as Ethereum and some other “higher beta” assets have seen intense selloffs today. This may indicate some uncertainty surrounding the benchmark cryptocurrency and its near-term trend.
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