Bitcoin has seen a sharp surge in the past few hours – despite some weakness yesterday.
The near future benchmark cryptocurrency trends will largely depend on whether or not the bulls can turn the resistance at $ 16,500 into support.
A break above that level would open the gates for a move into the $ 17,000 region
The days and weeks ahead should provide some serious insight into where the markets are headed in the days and weeks ahead.
A trader now sees that the cryptocurrency is approaching a high time frame resistance level.
He believes that all market developments in the near future will largely depend on Bitcoin’s response to this level.
Bitcoin has shown signs of strength over the past day, with yesterday’s slight downtrend leading to a sustained sideways trend.
In the medium term, the aggregated market trends are likely to largely depend on whether or not Bitcoin can stay above the lower $ 16,000 region for an extended period of time.
One trader comments that while BTC is trading around a high level of resistance in the timeframe, he believes that the coin is showing signs of strength in the lower timeframes.
It remains to be seen whether or not this can push BTC above $ 16,500 permanently.
Bitcoin is struggling to build up decisive momentum while the upward trend continues
At the time of writing, Bitcoin is trading at $ 16,700. This is well above the price it has been trading at for the past few days.
BTC posted over $ 16,000 on its weekly candle close, a positive trend for bulls. This was the third highest weekly candle close the cryptocurrency has ever seen – just a few dollars off its second highest closing price.
Bitcoin’s current strength could be a result of this development.
The cops are roaring – Bitcoin is nearing key resistance
One trader believes that although signs of poor timeframe strength are flashing, Bitcoin is approaching high timeframe resistance levels that could slow its rise.
“BTC: HTF directly at the resistor. Retested previous week high and flipped. LTF looks pretty bullish. Keep the 16000s (16150-16060) low and I think we’ll see new highs this week. „