Bitcoin is Poised to Rally Towards $17,000 Next as Outlook Grows Bright

Bitcoin is Poised to Rally In the direction of $17,000 Subsequent as Outlook Grows Shiny

  • Bitcoin has seen a quiet weekend of buying and selling, with the cryptocurrency struggling to achieve any immense momentum as bulls and bears attain an deadlock
  • This has led to a chronic bout of sideways buying and selling round $16,000, with bulls and bears each struggling to achieve management of its near-term
  • Its latest worth motion has achieved little to offer any insights into the place it would development over a mid-term timeframe
  • That being stated, one analyst is now noting {that a} rally up in the direction of $16,600 and past might be imminent within the near-term
  • He’s pointing to at least one key stage that have to be damaged above for it to rally larger

Bitcoin and the aggregated crypto market are at present consolidating, with consumers and sellers each struggling to achieve any management over its near-term outlook.

The place the whole market tendencies subsequent will depend upon BTC, and there’s a stable likelihood {that a} extended bout of sideways buying and selling will truly bode nicely for altcoins.

One dealer is now trying in the direction of $16,600 as a near-term goal, noting {that a} break above $16,150 should come about first.

Bitcoin Consolidates as Altcoins Proceed Gaining Momentum

On the time of writing, Bitcoin is buying and selling down marginally at its present worth of $16,000. That is the place it has been buying and selling all through the previous few days and weeks, with consumers and sellers unable to spark any near-term development.

The place the cryptocurrency tendencies within the near-term may have a big affect on altcoins, as they’ve been rallying on account of BTC’s stability.

It does want to shut its weekly candle tonight above $16,000 to see any energy within the week forward. An in depth beneath this stage may strike a critical blow to the aggregated cryptocurrency market.

Dealer Claims Push In the direction of $16,600 is Imminent 

Whereas talking about Bitcoin’s technical outlook, one analyst defined that the benchmark cryptocurrency may quickly push previous $16,600 if it may possibly reclaim one key stage.

This stage sits at $16,150 and will quickly be surmounted by the crypto – if bulls can acquire momentum.

“BTC – Highs are trying ripe for the taking. A transfer to $16.6k ought to handle that. Additional affirmation on a reclaim of $16,150.”

Picture Courtesy of UB. Supply: BTCUSD on TradingView.

The approaching few hours ought to shine a lightweight on the place the whole market will development within the days and weeks forward.

Featured picture from Unsplash.
Charts from TradingView.