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After exceeding the very high level of US $ 4,000, Bitcoin has managed to stay above this price, but BTC has not been able to generate significant buying pressure allowing it to rise, could be a problem for cryptocurrency.
One analyst noted with interest that Bitcoin's bearish bulls were pushing BTC higher, but he also explained that a break above $ 4,300 would create a bad situation, as long as it would allow them to do so. to make new gains.
Bitcoin (BTC) stuck just above $ 4,000
At the time of writing this article, Bitcoin is trading nominally at its current price of $ 4,030, where it has been trading for two days.
Traders and analysts have long speculated that a break above $ 4,000 – which was previously an incredibly high level of resistance – would drive up crypto. Despite this, the increased sales pressure has led to stagnation, just over $ 4,000, which has not yet been validated as a new level of support.
In his interview with MarketWatch, Alex Kuptsikevich, Financial Analyst at FxPro, echoed a rumor that BTC's current pricing price would be extremely similar to that of last November, just before its crash, from $ 6,000 to $ 3,000.
"The current lack of momentum is a bit frightening because it looks like the decline in October, which ended in a selloff," he explained, adding that the range from $ 3,900 to $ 4,000 had become an inflection point for BTC.
If the current price quotation for Bitcoin mimicking that of last November is correct, a significant drop could be envisaged.
Analyst: BTC must surpass $ 4,300 for new winnings to be plausible
Although Bitcoin is currently locked at its current price levels, if bulls are able to generate significant buying pressure that propels crypto to over $ 4,300, it may be able to dramatically increase and recover much of his recent losses.
Flood, a popular cryptocurrency analyst on Twitter, recently expressed this sentiment in a recent tweet, saying it would become "ugly" for short sellers if Bitcoin exceeded $ 4,300.
"Someone who very clearly defends the shorts in this range. It will become ugly for them if 4300 breaks, "he explained in a recent tweet.
It is important for traders to note that Bitcoin reached $ 4,200 earlier this month, before falling back to about $ 3,700, confirming that the previous price level was a zone of strong resistance. Without a significant influx of buying pressures, it is very unlikely that BTC will exceed the region of US $ 4,200- $ 4,300 in the near future.
As the week looms, traders and analysts will have a better sense of the direction Bitcoin is taking as its reactions to key price levels become more apparent.
Selected image of Shutterstock.
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