In Bitcoin (BTC), buyers are struggling to break resistance levels incredibly strongly, while the leading cryptocurrency also stands at over $ 16,000.
Analysts believe there are currently a number of different factors in favor of the bulls and that this ongoing rally may have just begun.
A popular trader recently posted on Twitter, explaining that both funding rates and premiums have fallen and that margin traders have recovered in a short time.
If the trend continues this way and BTC does not refuse at $ 16,000, the next stop for the leading cryptocurrency is the $ 16,700 level, according to analysts. After going through a period of consolidation over $ 16,000, the $ 16,700 level for BTC seems pretty easy.
The selling pressure that previously existed was quite intense and this heavy selling pressure catalyzed multiple sales, causing declines in BTC. A break above this level is technically important.
As we know, the $ 16,000 level is a strong resistance zone, and if this zone is turned into the support zone, BTC can go back to its all-time high in the zone above $ 19,000.
Bitcoin is trading at $ 16,083 as of writing. This level marks a notable increase from the recent lows of $ 14,800, which fell after a rejection a few days ago.
BTC’s future trends will depend entirely on how it will continue to respond to the $ 16,000 level. If it falls below this level and there is a strong retracement, we may see more negative days for BTC.