Bitcoin struggles to gain enough buyer-side support to surpass all-time highs in the $19,000 high zone.
Bitcoin price may drop to $17,000
The selling pressure here has proven to be quite intense on many occasions in the past, and the next trend may depend largely on how it continues to react to this level. At this point, due to rejections, a trader expects BTC to drop to $17,000 before finding significant support.
At the time of this writing, bitcoin is trading at $18,980, a little over 2%. It is trying to retract key price points as support but there is currently some intense selling pressure creating a wind. If it can break and hold on to this level, it may be ready to see some serious spikes in the coming days and weeks.
Will it fall first and then rise?
One trader believes that the $19,500 rejection points to an underlying weakness among the bulls, which may indicate a decline towards $17,000 is imminent.
— Mac ❄️🐺 (@MacnBTC) December 4, 2020
The trader shared a chart and stated that this move will liquidate the bulls and bring BTC to a support zone that can trigger an even stronger move.
The next few days can provide serious insight into where the entire market will head in the coming days, weeks and months.
If bitcoin can take back and hold $ 19,000, it could mean a higher move is imminent.