Over the last few days and weeks, Bitcoin and the whole crypto currency market have seen mixed pricing action.
Bulls have all absorbed the selling momentum seen over the past couple of days, with bears struggling to achieve any significant footing on the market. Where in the near-term the entire space trends can largely rely on whether or not bulls will shatter the resistance that sits around $30,000. A solid break above this stage would add to the parabolic momentum of the cryptocurrency and possibly permit a major upswing.
Bitcoin appears to be experiencing a so-called “sell-side liquidity crisis,” since each sell-off is absorbed almost immediately. This has enabled the price of the crypto to gain a strong foothold over $29,000, trading up just over 1% at $29,400 at the moment.
$30,000 is yet to be tested, but bulls seem to be fighting for a break above this stage in the near term.
Last night, one popular investor clarified that $29,200 is a key level for the entire market for cryptocurrency. The break above this stage is expected to provide BTC in the days ahead with more upward momentum. Specifically, he is waiting for the next breakout over $30,000.“BTC: Bitcoin ranging here into the New Year. Watching levels on 4 hr – $29,100s to $28,300s We’ve seen Bitcoin get bought up several times now – with a break above $29,200 – IMO cold has the legs to push to $30k+.”