- Bitcoin has been struggling to break above the mid-to-upper $19,000 region throughout the past few days and weeks, with the selling pressure here being significant
- Until bulls can shatter the resistance region that begins at $19,400, it may continue seeing a prolonged consolidation phase
- The cryptocurrency’s latest weekly close, however, was incredibly bullish and happened to mark the highest one ever posted by the crypto on many exchanges
- This could boost its mid-term outlook, but there are still some bearish factors working against it
- Until Bitcoin can use this macro strength to break above $19,400 and subsequently above $19,800, it may see prolonged sideways trading
Bitcoin and the entire crypto market have been caught within the throes of a prolonged consolidation phase throughout the past few days and weeks.
The aggregated crypto market has been struggling to gain any momentum. This can largely be pinned on the benchmark cryptocurrency’s inability to break above its previously established all-time highs.
Where the entire market trends in the mid-term will likely hinge on whether or not BTC can set fresh highs.
One trader is now noting that there’s a strong possibility serious upside is imminent, as the strength of the cryptocurrency’s latest weekly close will likely go a long way towards providing it with some momentum.
Bitcoin Consolidates Above Key $19,000 Level
At the time of writing, Bitcoin is consolidating around the lower-$19,000 region. This is where it has been trading throughout the past few days and weeks.
The selling pressure seen at $19,400 has stopped it from moving higher throughout the past few days, with this being the first key resistance for the crypto before the region between $19,800 and $20,000.
Trader: BTC’s Macro Outlook is Strong Following Weekly Close
Bitcoin just posted the highest weekly candle close it has ever seen yesterday, which signifies that serious upside could be right around the corner for the cryptocurrency.
One analyst spoke about this in a recent tweet, explaining that it has undoubtedly boosted its outlook:
“BTC: Hit an all-time-high weekly close this weekend on Bitstamp. Looks like Coinbase closed right below 2017 weekly ATH. So close to $20k+”
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
Although it still has some major hurdles in front of it before it can set fresh all-time highs, the strength it is showing over higher time frames is incredibly bullish.
Featured image from Unsplash. Charts from TradingView.
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