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Bitcoin price is hovering above the critical support of $ 19,000 after continuing to be rejected at $ 19,400. Resistance at this level has been holding strong for the past few weeks, with buyers trying and failing on multiple occasions to post a continuous break above that level. Once broken, the next key resistance zone to watch on is between $ 19,800 and $ 20,000. A solid break above here could mean that the next stage of BTC’s parabolic rise is imminent.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price breakout above $ 19,400 may just be a matter of time before Bitcoin sees a rally past $ 20,000
At press time, BTC is trading slightly up at its current price of $ 19,350. This is where it has been trading throughout the day, with $ 19,400 continuing to prevent it from growing further.
Once this level is broken, posting a strong response to the zone above $ 19,000 will be crucial for Bitcoin to see any further mid-term price spikes. A rejection here could cause it to spiral downward, as it had many times in the past.
According to crypto analyst Byzantine General, how Bitcoin responds to the $ 19,300 level is crucial as a break above this level could cause BTC to drop, fueling the cryptocurrency’s price action.
“Shorts were really aggressive again and they’re underwater now. Breach through 19300 and they get squeezed hard.”
This squeeze likely needs to happen sooner to have a strong impact on BTC’s price action, as the bears can slowly exit their short positions while Bitcoin is still hovering below the level this important.