Bitcoin has been caught in the throes of an immense bullish trend throughout the past several days, with buyers in full control of its price action as the cryptocurrency puts some serious distance between its recent lows.
It is important to note that the recent rejection at $23,700 proved to be quite significant for the cryptocurrency, as its price has been sliding lower ever since.
One trader is now noting that where it trends in the mid-term should depend largely, if not entirely, on whether or not bulls can maintain their momentum and build strong support throughout the lower-$20,000 region. Any sustained dip below $20,000 would be dire for the crypto and potentially cause it to see a strong mid-term downside.
One trader is now noting that Bitcoin is beginning to flash some signs of weakness on its chart, however, he notes that its macro strength and recent break above its all-time highs may give room for it to see further upside.
He also notes that futures funding has been growing “aggressively bearish-biased” over the past several hours, which could be a grim sign