• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Ethereum (ETH)
Nexo Logo

Bitcoin’s Support Sits at $19,500 but It Remains Highly Bullish: Analyst

Cole Petersen by Cole Petersen
1 year ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin has faced some intense selling pressure following its recent rally past $24,000, but bulls were able to thwart it from seeing any intense selloff as its price navigates back up to this key level.

BTC’s continued reaction to this level should provide buyers with some serious insights into where it may trend next. A continued bout of trading below this level potentially elucidates some slight weakness amongst buyers.

On the other hand, a flip of this level into support could significantly bolster the crypto’s price action and allow for it to see serious upside.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Growing buzz amongst retail traders may be enough to fuel a move higher, with prominent public figures like Elon Musk and others promoting Bitcoin on social media.

One trader still believes that there’s a strong possibility that BTC eventually moves to retest its crucial technical support that currently exists around $19,575.

He notes that unless this level is broken below – which is not something that he expects to have happen – there’s a strong possibility that its macro bull run will continue roaring.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Shows Signs of Strength as Buyers Absorb Yesterday’s Selloff 

At the time of writing, Bitcoin is trading up marginally at the cryptocurrency’s current price of $23,750. This is around where it has been trading throughout the past couple of days.

It recently rallied as high as $24,200 before finding some serious selling pressure that placed a strain on its price and caused it to reel down to lows of $23,000.

It was able to find some strong support here that has since allowed for further upside. $24,000 remains a strong resistance level, and whether or not it can break above it should provide the market with some serious insights into where it will trend next.

BTC Remains Bullish as Long as It Trades Above $19,575 

One trader explained in a recent tweet that Bitcoin’s price action is firmly in bulls control so long as the cryptocurrency holds above $19,575.

He notes that although a test of this level may be unlikely, it could come about due to its technical significance.

“From a technical perspective: BTC support $19’575 area. Look I don’t make the stupid bias fitting rules this is the support I hate it too. It’s probably not hitting. But this means unless we lose the area I’m bullish AF and shorting is illegal,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of SalsaTekila. Source: BTCUSD on TradingView.

The coming few days should provide some insights into where the entire market will trend next. So long as the crypto holds above this key price region, bulls remain in control of it.

Featured image from Unsplash.
Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

6 hours ago
Bitcoin

TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

20 hours ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

2 days ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

2 days ago
Bitcoin

Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

3 days ago
Bitcoin

TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Chronoly (CRNO) Takes Number 1 Spot at Project To Invest In 2022 Over Fantom (FTM) and Anchor Protocol (ANC)

May 25, 2022

Pancakeswap to Start Listing Metallika token (METALLIKA)

May 25, 2022

Ariva celebrates 1st year anniversary with impressive achievements in the blockchain industry

May 25, 2022

LBank Exchange Will List Globiance Exchange Token (GBEX) on May 25, 2022

May 25, 2022

LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa

May 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.