Bitcoin and the entire crypto market have been in a heavy consolidation wave over the past few days. Both the bulls and bears are fighting for control of the price action.

New ATH not difficult if $ 23,000 is broken for sure

While buyers have yet to push the cryptocurrency above $ 24,000, there is a strong possibility that this level will be visited in the near term, thanks to the recent breakout above $ 23,000.

If the upside breaks successfully, BTC could rally higher than this level and potentially create a bull trap, which could eventually see further downside.

Bitcoin is currently trading with an increase of just over 3% at a price of $ 23,566.

Selling pressure in the under $ 24,000 zone has been intense in the past, turning this level into a technically significant support.

Correction or new ATH for Bitcoin?

There is still a strong hurdle at $ 24,200 as it is now an all-time high. Sellers can use this level as a price to sell.

A trader stated in a recent tweet that he was closely watching a breakout of over $ 24,000, potentially marking the start of the next leg for BTC.

He also adds that the $ 20,000 correction that many investors are expecting will take place after the next rise.

The chances are high that the next few days will go wild for the rest of the Bitcoin and crypto market.


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