Bitcoin has begun to slide lower over the past few days as selling pressure has tapered off at the $16,500 highs. The leading cryptocurrency currently trades for $15,900, a few percent below those highs but still situated above key support levels.
Analysts remain optimistic despite the downward-sloping price action. One trader says that if the cryptocurrency can move to new year-to-date highs and multi-year highs if it manages to close above $16,150 on a short-term basis.
That level has been important for the cryptocurrency over the past few days, marking local bottoms.
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Bitcoin managing to flip $16,150 into a support level will likely mean the cryptocurrency pushes to new trend highs at $16,600 and beyond, a trader recently said.
He shared the chart below recently, which shows that the level has been important