- Bitcoin has been lower over the last few days and weeks, with both buyers and sellers unable to control its long-term trend
- This slight decline comes after a period of immense strength and stability as it consolidated above $ 16,000.
- If it continues to trade below this level, its recent high of $ 16,500 could mark a long-term peak
- Where this next trend may depend on a major support level, which an analyst is watching closely
- This price action may prove beneficial for altcoins, however, despite the stretch of BTC many tokens are currently rising more
- If this trend persists, it could mark the beginning of the next “Alteason” – where investors move away from large digital assets and move towards high-risk ones
Bitcoin is in the process of selling lower today, with sellers gaining an edge over buyers as the $ 16,000 support shows signs of disruption.
Where BTC and the rest of the next market trends will depend on tomorrow’s weekly candle close. If it can cross this level and close above it, bulls can gain control of its price action.
One trader believes that a continued bout of consolidation may well burst for altcoins, possibly allowing them to continue rocketing higher.
Bitcoin hits critical support level
At the time of writing, bitcoin is trading just below 3% at its current value of $ 15,820. This indicates a significant drop from the recent high of $ 16,500 at the peak of its high push.
This decline has sent it to its major endorsement at $ 15,800, a level that analysts and investors have seen as a key support level.
If broken down firmly under any higher timeframe, this may indicate that the downside is imminent.
Analyst: Altcoins look strong despite BTC weakness
One analyst observed that altcoins look strong today despite the declines seen by ETH and BTC.
He also notes that bitcoin is now trading above a significantly higher deadline support level.
“$ 15,800 significant support for BTC HTF… If it breaks down, a very significant pullback is expected across the board, with ETH also currently at $ 460 in significant support. That said, a lot of alt still look good today… ”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should provide insight into the long-term significance of the move. Where it depends on the next trend depends on tomorrow’s weekly candle.
Featured image from Unsplash. Charts from TradingView.