Bitcoin has faced some intense buying pressure recently, allowing its price to see some immense gains. This upside comes as Ethereum and the rest of the altcoin market all consolidate, with attention shifting back towards BTC.
Where Bitcoin trends in the near-term will likely depend on whether or not it can hold above the $16,500 level and flip it into support. If it can firmly surmount this level, bulls could take full control and send it rocketing past $17,000. This would put a move to fresh all-time highs on the table.
One analyst is noting that Bitcoin’s on-chain data seems to indicate that it could be vulnerable to seeing some near-term downside and notes that the cryptocurrency’s active address count has seen a sharp downturn, which often indicates that losses are imminent.
Where the entire market trends next will likely depend primarily on BTC, as altcoins have been lagging behind its price over the past couple of weeks, typically rising a day or two after it does.
The coming few days should shine a light on whether this Bitcoin rally will mark a sustainable push higher or be followed by a sharp selloff.
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