- Bitcoin is once again exploding higher, with the recent dip to lows of $17,6000 proving to be fleeting as bulls take control of its price action
- The crypto is rapidly approaching its previous all-time highs as bulls aim at sending it past $19,400
- This has long been a strong resistance level for the crypto, and a break above it could indicate that a move towards $20,000 is imminent
- One trader is now noting that the cryptocurrency’s technical strength is rapidly climbing, with the support-resistance flip of $18,600 indicating that bulls are in full control of its price action
- He concludes that it is only a matter of time before Bitcoin smashes above its all-time highs
Bitcoin and the entire crypto market are pushing higher today, with the benchmark crypto’s break above $19,000 putting its near-term trend back into the firm control of buyers.
Where it trends in the mid-term should depend largely – if not entirely – on whether or not it can hold above $19,000 and eventually break above $19,400. This level has long been a strong region of resistance for the cryptocurrency.
One trader believes that a break above this level is imminent, concluding that it is only a matter of time before new all-time highs are set.
Bitcoin Rallies Past $19,000 Following Period of Weakness
At the time of writing, Bitcoin is trading up just under 3% at its current price of $19,350. This is around where it has been trading throughout the morning, with its overnight break above $19,000 being an incredibly bullish development.
This move higher comes shortly after the crypto declined to lows of $17,600 earlier this week, which had put the crypto at grave risk of seeing further downside.
Trader Claims BTC is on the Cusp of Setting New All-Time Highs
It may only be a matter of time before Bitcoin sets fresh all-time highs and smashes above the resistance it has at $19,400 and $19,800.
One trader spoke about this in a recent tweet, stating:
“BTC / USD: Perfect S/R flip at $18,600 and setup exceeded expectations as price pretty much ignored $19,100 and went straight to the the resistance high at $19,300. Lock in some profits… Took some profit here on the long since $17,600, but honestly I think we smash ATH soon.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The upcoming weekly candle close should provide Bitcoin with momentum that could carry into the week ahead.
Featured image from Unsplash. Charts from TradingView.