Bitcoin has held steady above $16,000 in the last few hours and even gained some momentum above that level as buyers maintain full control.
This price action has undoubtedly been bullish for the crypto currency, with a daily close above this level confirming that this recent rise is more than just a volatile pump.
Now that buyers have turned this into support, it may be time for BTC to see further gains in the near future.
One analyst believes that Bitcoin is now entering „uncharted territory“, which he describes as „unexplored territory“.
He notes that this type of technical strength at such high prices is unprecedented.
Bitcoin has recently shown signs of immense technical and fundamental strength, with the crypto-currency continuing to push higher while the bears struggle to gain any momentum.
The strength of the recent uptrend is unbroken. The bears have made several attempts to reverse the trend in their favour, but each of these setbacks has been followed by a strong upswing.
The fact that buyers buy aggressively on every bear market is a positive sign – and there is a strong likelihood that there will be further momentum in the near future.
One trader explains that this is „new territory“ for the benchmark crypto currency. He comments that there is „still tons of upside potential“ for Bitcoin.
Bitcoin stable above $16,000 – buyers keep control
At the time of writing, Bitcoin is quoted at a price of US$15,900. Here the asset has traded over the last day, with buyers in control of the price behaviour.
As BTC has closed its daily candle above $16,000 and shows no signs that it will fall below this level in the near future, it appears that this is now a support.
As such, the coin could target $17,000 next. Every day BTC is one step closer to reaching its all-time highs.
Analyst sees further upswing for BTC
Regarding Bitcoin’s macro outlook, one analyst believes that the crypto currency is currently in „unexplored territory“.
He expects BTC to move significantly higher in the medium term.
„That’s not even Hopium, BTC on a monthly basis is already in „unexplored territory“ with tons up ahead. If this continues, I may even be able to reunite with the family members with whom I promoted Krypto on December 17th“.
Picture courtesy of Cryptorangutang. Source: BTCUSD on TradingView.
The coming days should shed some light on the macroeconomic significance of this latest push as Bitcoin’s weekly candle closing is only a few hours away.