Bitcoin has seen relatively lackluster price action in the past few days and weeks, with crypto price unable to rise towards its $ 40k resistance.
Its smaller counterparts all saw massive momentum, such as ETH, while many smaller altcoins also rose
BTC’s lack of intense uptrend is due to the intense selling pressure it faces in the upper $ 30,000 region, with selling pressure from big whales and investors holding back growth.
Where the cryptocurrency goes in the medium term will undoubtedly depend on the ongoing response to its overhead resistance.
One analyst believes there is a strong possibility that BTC will break these levels in the near future, which could lead to new all-time highs.
Bitcoin and the entire crypto market are currently experiencing mixed performance . As BTC falters and struggles to overcome its resistance in the upper $ 30,000 region, Ethereum and many altcoins are seeing explosive spikes.
This has led to the fact that it is somewhat unclear what the near-term fate of BTC is.
One analyst comments that the benchmark cryptocurrency is on the verge of new all-time highs – but that BTC has to break a critical resistance level first.
Bitcoin struggles for momentum as resistance is strong
At the time of writing, Bitcoin is trading at $ 34,850. This marks a massive rebound from the recent lows of $ 30,000 made last week.
The cryptocurrency has formed a wide trading range between these lows and its highs of around $ 40,000.
As long as BTC doesn’t break above the highs of the range at $ 40,000, relative consolidation could continue.
Analyst: BTC could be on the cusp of new highs
An analyst now writes in a tweet that a close above an important Fibonacci level could allow Bitcoin to rise to new highs.
BTC is pushing against this level; however, a rejection could lead him towards the sub-$ 30,000 region. The analyst with reference to the chart below:
“Close above .618 – target all-time highs. Closing below the middle and gray zone 34k then most likely the annual level retest at 28-29 „