A strong reaction to the upper-$19,300 region will be crucial for Bitcoin price to see any further mid-term upside

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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.

upper-19300-region-will-be-crucial-for-bitcoin-price-to-see-any-further-mid-term-upside

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.

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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.

He stated:

“Shorts were really aggressive again and they’re underwater now. Breach through 19300 and they get squeezed hard.”

upper-19300-region-will-be-crucial-for-bitcoin-price-to-see-any-further-mid-term-upside1

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.

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