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Despite incurring some upwards momentum over the past couple of days, Bitcoin has continued to struggle to break above its current resistance levels that exist in the lower $8,000 region, and its lack of buying pressure could signal that further downwards pressure is imminent.
Analysts are now closely watching a relatively tight range between $8,200 and $8,400 as the next region of resistance that BTC must close above in order for its journey towards the coveted $10,000 region to continue on.
Bitcoin (BTC) Stuck in Lower $8,000 Region as Sideways Trading Persists
At the time of writing, Bitcoin is trading up marginally at its current price of $8,050 and is down from 24-hour highs of just over $8,100.
Over a one-week period, BTC has posted a strong recovery from lows of $7,200 and is only down slightly from its highs of $8,300 which were set last weekend. While looking at its weekly price action, however, it is clear that BTC is currently being restrained by a strong amount of resistance existing throughout the lower $8,000 region.
Although this resistance may ultimately lead to further downside in the near-future, it is important to note that Bitcoin’s recent price action constitutes a pattern of consolidation, which may be followed by an extension of the cryptocurrency’s upwards momentum, assuming bulls step up and generate a surge of buying pressure.
Luke Martin, a popular cryptocurrency analyst on Twitter, discussed the strong resistance the crypto currently has in the lower-$8,000 region, noting that a break above this reason could lead to further upwards expansion.
“$BTC needs to crack the 8200-8400 resistance to keep the positive momentum going. Close above there and I’m expecting expansion similar to 4100, 5600 and 6800 breakouts,” he noted.
$BTC needs to crack the 8200-8400 resistance to keep the positive momentum going.
Close above there and I'm expecting expansion similar to 4100, 5600 and 6800 breakouts. pic.twitter.com/cR2C3FqOSp
— Luke Martin (@VentureCoinist) May 24, 2019
Is $10,000 BTC’s Next Stop?
Trader Mayne, another popular cryptocurrency analyst on Twitter, echoed Martin’s sentiment, explaining that although Bitcoin does have resistance between roughly $8,100 and $8,400, he believes that a break above this region could send the crypto to, or even past, $10,000.
“$BTC We broke thru the OB I was talking about yesterday and have just tested what I believe to be the final resistance between us and Namek. If we can get thru it, I expect $10,000 and possibly higher very quickly. Not a bad place to hedge/TP in case of rejection and breakdown,” he explained in a recent tweet to his nearly 50k followers.
We broke thru the OB I was talking about yesterday and have just tested what I believe to be the final resistance between us and Namek. If we can get thru it, I expect $10,000 and possibly higher very quickly.
Not a bad place to hedge/TP in case of rejection and breakdown. pic.twitter.com/ou2YKhMofq
— Mayne (@Tradermayne) May 24, 2019
As the weekend continues on and Bitcoin further attempts to confirm its footing within the lower-$8,000 region, all eyes will continue to closely watch to see if it is able to break above its imminent levels of resistance.
Featured image from Shutterstock.
