Bitcoin and the aggregated crypto market are continuing to flash signs of strength as buyers gain control over the entire market.
Even altcoins have been catching up to BTC as of late, signaling that the aggregated market is finally beginning to reap the rewards of the benchmark cryptocurrency’s recent rally.
That said, Bitcoin has been struggling to break above $16,000. This level has held strong as resistance on multiple occasions.
One analyst is noting that he is watching for a sharp retrace before he adds to his positions. His chart indicates that this retrace could cut as deep as the $12,000 region.
At the time of writing, Bitcoin is trading up just under 2% at its current price of $15,590. This is around the price at which it has been trading throughout the past week.
A few days ago, however, it faced a sudden influx of selling pressure that sent its price reeling as low as $14,800. It has pushed higher from here, signaling that this is a support region.
Because BTC’s recent price action has lacked conviction on both sides, it remains unclear what will break its consolidation pattern within the $15,000 region.