Bitcoin has shown some immense signs of strength today as buyers aim for a $16,000 break. If this level is shattered, the cryptocurrency could be poised to see some immense gains in the coming few days.
This level has catalyzed multiple strong rejections throughout the past few weeks, which indicates that bears may put up a battle if this level is visited in the near-term. Any strong rejection here could spark a sharp downturn.
The entire market seems to be fairly confident that Bitcoin will break above this level or remain stable in the near term.
One trader is now noting that a move towards $17,000 could be imminent if bulls can post a high time frame close above $16,000. He also notes that there are some important weekly levels at around $16,200.
At the time of writing, Bitcoin is trading up just under 4% at its current price of $15,850. This marks a break above its previous range highs at $15,800 set just a couple of days ago.
The break above these range highs signals that bulls are regaining control over the benchmark cryptocurrency and may indicate that further upside is imminent in the near-term.
While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that the cryptocurrency is poised to push past $17,000 if it can close a daily candle above $16,000 in the near-term.
Source: NEWSBTC
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