- Bitcoin saw a quiet weekend of trading, with cryptocurrency struggling to gain immense momentum as bulls and bears hit a dead end
- This has led to an extended side trading period of around $ 16,000, with bulls and bears both struggling to gain control of his short term.
- Its recent price action has done little to provide insight into where it could move forward over the medium term
- That said, an analyst is now observing that a rally to $ 16,600 and above could be imminent in the near term.
- It is indicating a key level that must be surpassed in order to rise further
Bitcoin and the aggregate cryptocurrency market are currently consolidating, with buyers and sellers both struggling to gain control over its near-term outlook.
The next market trend will depend on BTC, and there is a solid possibility that an extended side trading period bodes well for altcoins.
A trader is now looking at $ 16,600 as a short-term target, noting that a break above $ 16,150 must happen first.
Bitcoin consolidates as altcoins continue to gain momentum
At the time of writing, Bitcoin is trading marginally at its current price of $ 16,000. This is where it has been trading for the past few days and weeks, with buyers and sellers unable to trigger any short-term trends.
Where cryptocurrency trends in the short term will have a big impact on altcoins, as they have increased due to the stability of BTC.
He needs to close his weekly candle above $ 16,000 tonight to see strength in the next week. A close below this level could deal a severe blow to the aggregate cryptocurrency market.
The trader claims that the push towards $ 16,600 is imminent
While talking about the technical prospects of Bitcoin, an analyst explained that the benchmark cryptocurrency could soon exceed $ 16,600 if it manages to recover a key level.
This level sits at $ 16,150 and may soon be surpassed by the cryptocurrency if the bulls can gain momentum.
“BTC – The highs look ripe to be caught. A move to $ 16.6k should take care of that. Further confirmation on a $ 16,150 claim.”
Image Courtesy of UB. Source: BTCUSD on TradingView.
The next few hours should shed some light on the performance of the entire market in the days and weeks to come.
Featured image from Unsplash. Charts from TradingView.