Bitcoin has been struggling to gain enough buy-side support to send it past its all-time highs currently set within the upper-$19,000 region.
The selling pressure here has proven to be quite intense on multiple occasions in the past, and where it trends next will depend largely on how it continues reacting to this level.
Because it did face a rejection here overnight, one trader is expecting Bitcoin to nuke towards $17,000 before finding any significant support.
Bitcoin Tries to Hold Above $19,000 Following Overnight Selloff
At the time of writing, Bitcoin is trading down just over 2% at its current price of $18,980, which is just below the key $19,000 level.
It has been trying to reclaim this crucial price as support, but there is some intense selling pressure at the moment that is creating a headwind.
If it can break and hold above this level, it could be poised to see some serious upside in the days and weeks ahead.
Analyst Eyes Move to $17,000 Following Latest Rejection
One trader believes that the overnight rejection at the $19,500 indicates underlying weakness amongst bulls, which may suggest that a move down towards $17,000 is imminent.
He shared a chart showing this as a downside target, noting that this move will liquidate bulls and bring BTC into a support zone that could spark an even stronger move higher.
“Liquidate all bulls and fill by bids BTC.”
Image Courtesy of Mac. Source: BTCUSD on TradingView.
The coming few days should provide some serious insight into where the entire market is set to trend in the days, weeks, and months ahead.
If Bitcoin can reclaim and hold $19,000, it could mean that another move higher is imminent.
Featured image from Unsplash.Charts from TradingView.
