Bitcoin has been showing immense signs of strength throughout the past few weeks, and its uptrend is showing no signs of slowing down as bulls work to flip $16,000 into a support level.
This price level has long been strong resistance for the cryptocurrency, but it has been able to post what appears to be a firm and sustainable break above it.
For this latest push higher to result in more than just some fleeting gains, it is imperative that this level becomes robust support and helps launch the token higher. A failure to do so could confirm its current price as local highs.
Although Bitcoin is overtly bullish at the moment, one trader is noting that he sees some striking similarities between this push higher and previous ones that resulted in a $1,000+ moves lower.
He notes that it is still too early for this possibility to be fully confirmed, but any move beneath $16,000 would work to