Over the last two months, bulls have regained control of the crypto market after a potential bottom was put in back in December 2018. Since the start of the climb, bulls have managed to take out important resistance at $4,200, causing Bitcoin price to rally upwards of $1,000 in a matter of an hour or so.
Despite the leading crypto by market cap experiencing the most overbought levels since its previous all-time high, Bitcoin continues to climb, breaking through resistance at $5,350, and is currently flirting with resistance between $5,400 and $5,500. As signs that a bull market may be returning, there are some important price levels to watch in the coming days.
Bitcoin Price Rally Continues Above $5,350, Here Are Key Levels to Watch
Following a massive rally that got the entire financial sector talking, Bitcoin price took a quick pit stop between $4,800 and $5,200 where it consolidated and got its footing before preparing for another move up. Bears did their best to cut Bitcoin’s rally down, but failed to apply any significant sell pressure.
Today, bulls were able to beat out bears by smashing through resistance at $5,350, which had held Bitcoin and the rest of the crypto market back from continuing its path toward renewed growth.
Related Reading | Crypto Analyst: Break of Current Bitcoin Resistance Will Commence Bull Run
For bulls, the next levels of resistance are at $5,500, and again at $5,800. $5,800 is an area of support turned resistance, formerly providing a strong bounce in both February and June 2018. Because there was a decent amount of price action in this area, it’ll be a tough resistance for bulls to break.
https://twitter.com/ScienceGuy9489/status/1116046673644380160
But resistance at $6,000 is where bulls and bears will have a massive showdown, with the winner potentially setting the trend for the coming weeks to potentially years. Should bulls take out $6,000 with gusto, the bear market may be considered over, and a bullish trend could resume. It’s expected, however, for bulls to struggle with the extremely powerful resistance, much as bears struggled to take the price of Bitcoin down through $6,000 when it previously acted as seemingly unbreakable support throughout 2018.
Battered Bears Ready the Defensive, Risk of Trend Reversal Below
On the downside, bears are targeting $4,800 to take Bitcoin price back to a neutral position. A reversal here down to the previous resistance now turned support at $4,200 could put Bitcoin at risk of testing new lows, as it would deal a severe blow to the newly established confidence that bulls are feeling in recent weeks.
Related Reading | Bitcoin Price Plunge Incoming If Bulls Don’t Follow Through With Volume
The next days are critical for Bitcoin, as the market attempt to revert into a bull run, after over 16 months of bear market and continued downtrend.
Featured Image from Shutterstock
