Here is the Bitcoin price that “All key levels” are currently targeting

• Bitcoin and the aggregate cryptocurrency market are currently pushing higher, with bulls moving to erase all the losses that have occurred following the recent selloff.
• The selling pressure seen around its all-time highs in the region of $ 19,000 wasn’t surprising, but it may not hold strong during the next test of this level.
• Traders believe today’s rebound may not last too long, with selling pressure in the region below $ 18,000 that could be a major hurdle for cryptocurrency
• A trader is specifically observing that all key levels are pointing towards the region around $ 18,400 as a key level that must be overcome

Over the past few days and weeks, Bitcoin’s price action has done little to provide traders with insight into where the entire market will go.

After hitting all-time highs of around $ 19,500, the cryptocurrency faced a sharp rejection that led it to drop to $ 16,400.

This sell-off took the cryptocurrency into oversold territory, as its price was subsequently able to see tremendous momentum that took it to over $ 18,000.

The next trend will largely depend on $ 18,400, as this is a key level that an analyst is watching closely.

Bitcoin gains momentum as selling pressure evaporates

At the time of writing, Bitcoin is trading up just under 2% to its current price of $ 18,100, which marks a notable rise from its recent lows of $ 16,400 set at the end of the recent market-wide selloff.

Where Bitcoin’s trends in the days and weeks to come should largely hinge on whether or not it can gain a solid foothold within the sub $ 18,000 region. If he can, he may be on the verge of seeing strong movement higher.

The analyst says all key levels suggest BTC could hit $ 18,400 later

A trader explained in a recent tweet that Bitcoin may be on the verge of seeing a rise towards $ 18,400 before it loses its momentum and sees a rejection.

Note that a break above that level could help trigger a move towards new all-time highs.

“BTC: All key levels lined up in the red area. Think if we are going to go lower, it will be from there. Break above and the next imo of ATH. Exciting [week] in front of us!”

Image Courtesy of George. Source: BTCUSD on TradingView.

This level will likely be tested in the next few days, with Bitcoin’s reaction at this level potentially providing investors with a serious view of its prospects.

Featured image from Unsplash.
Charts from TradingView.