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Bitcoin has been flashing some signs of intense weakness throughout the past few days and weeks, which has caused the cryptocurrency’s price to decline below $18,000 on a few occasions.
So far, the buying pressure here has been significant enough to catalyze multiple rebounds, but its reactions to each dip are getting weaker as time drags on.
This seems to be a bear-favoring indication that downside might be imminent in the near-term, as the lack of conviction amongst bulls doesn’t bode well for where Bitcoin might trend in the days and weeks ahead.
One trader is now pointing to the mid-$17,000 region as an area where Bitcoin might be able to find some serious support.
He believes that this is where the cryptocurrency is going to find some serious support that could allow it to see some serious growth in the mid-term.
If this level is broken below, it could mean that serious downside is imminent, as bulls may not be able to stop the crypto from sliding lower until it reaches significantly lower prices.
Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up
At the time of writing, Bitcoin is trading down just under 2% at its current price of $18,250. This is around the price at which it has been trading at throughout the past day.
The support around $18,000 has been significant but has not been enough to spark any type of sustained rebound.
This is a bearish sign for the crypto, as it indicates that bulls are losing their buy-side support. If this trend persists, then BTC may have a long way to fall before it finds a region of robust support.
Here’s The Key Support Level Analysts are Watching
For Bitcoin’s ongoing decline to reverse and give bulls some momentum, there is a crucial level that one analyst is closely watching.
He believes that the price region between $17,600 and $17,800 is where it may find enough momentum to rebound and rally higher.
“BTC: The first area of support is around $17,600-17,800,” he said while pointing to the below chart.
Image Courtesy of Michael van de Poppe. Source: BTCUSD on TradingView.
Where the market trends in the coming few days should shine a light on where Bitcoin will trend in the weeks ahead, and whether or not it is still realistic to expect a break above the cryptocurrency’s all-time highs.
Featured image from Unsplash. Charts from TradingView.
