Analyst: Bitcoin Could Reel to $13,000 or Lower if It Breaks One Key Level

  • Bitcoin has been struggling to hold above $16,000 throughout the past couple of days, which is a somewhat grim sign
  • Its weekly candle close is just a couple of hours away, and how it trades heading into this will likely set the tone for where it trends in the week ahead
  • The ongoing influx of selling pressure has hampered the growth seen by the broader market, with Ethereum and many other altcoins also selling off
  • One analyst believes that BTC could be on the cusp of seeing a serious selloff in the near-term
  • He notes that it could reel towards $13,000 if it breaks one crucial level

Bitcoin and the aggregated crypto market have been struggling to gain any momentum throughout the past few days.

Where the entire market trends in the near-term should depend largely on Bticoin’s reaction to a few key price levels that analysts have been closely watching for quite some time.

One trader is noting that a break below $15,500 is what bulls need to guard against in the near-term, as this could catalyze a sharp selloff that sends its price plunging towards $13,000.

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading down marginally at its current price of $15,930. This is around where it has been trading throughout the past couple of days.

Today the crypto closes its weekly candle, and it is vital that this closes above $16,000 for BTC to see further momentum in the days and weeks ahead.

A close below this level could strike a heavy blow to its price action and potentially lead it to see some serious near-term losses.

Analyst: BTC Could Reel Towards $13,000 If It Breaks One Key Level 

While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that he is watching for a decline towards $13,000 if BTC fails to hold above $15,500 in the days ahead.

“The market in general is at crossroads of direction. Breaking below $15,500 and I assume we’ll see a correction across markets with BTC to possibly $13,000 or lower.”

This decline could come about if Bitcoin closes its weekly candle below $16,000.

It does appear that the market is already beginning to price this in as a risk, as Ethereum and some other “higher beta” assets have seen sharp selloffs today. This may reflect some uncertainty surrounding the benchmark cryptocurrency and its near-term trend.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/analysis/btc/analyst-bitcoin-could-reel-to-13000-or-lower-if-it-breaks-one-key-level/

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