Bitcoin Hovers at High Time Frame Resistance, But Bulls Stay in Control

Bitcoin Hovers at High Time Frame Resistance, But Bulls Stay in Control


Bitcoin saw a strong push higher today despite some weakness yesterday Where the benchmark cryptocurrency trends in the near-term will depend largely on whether or not bulls can flip the resistance at $16,500 A break above this level would open the gates for a move into the $17,000 region The coming few days and weeks should provide some serious insights into where the markets will trend in the days and weeks ahead One trader is now noting that the cryptocurrency is nearing a high time frame resistance level He believes that where the entire market trends in the near-term will depend largely on its reaction to this level

Bitcoin has been showing signs of strength throughout the past day, with yesterday’s slight downtrend resulting in it seeing a prolonged bout of sideways trading.

Where the aggregated market trends in the mid-term should depend largely on whether or not Bitcoin can continue holding above the lower-$16,000 region for an extended

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