Flood, a popular cryptocurrency analyst on Twitter, recently expressed this sentiment in a recent tweet, claiming that it is going to \u201cget ugly\u201d for short sellers if Bitcoin pushes past $4,300.<\/p>\n
\u201cSomeone very clearly defending shorts in this range. Going to get ugly for them if 4300 breaks,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n
It is important for traders to note that earlier this month Bitcoin surged to highs of $4,200 before spiraling back down to roughly $3,700, which validated the former price level as a strong area of resistance. Without a significant influx of buying pressure, it is highly unlikely that BTC will be able to climb past the $4,200-$4,300 region in the near future.<\/p>\n
As the week drags on, traders and analysts alike will gain greater insight into the direction Bitcoin is heading as its reactions to key price levels becomes more apparent.<\/p>\n
Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"After breaking above the ever-so-important $4,000 level, Bitcoin has been able to maintain above this price, but BTC has not been able to garner any significant buying pressure that allows it to climb higher, which could spell trouble for the cryptocurrency. One analyst is now importantly noting that Bitcoin\u2019s bears are ardently stopping the bulls from pushing BTC any higher, but also explained that a break above $4,300 would create an ugly situation for them, as it would open the gates for further gains. Bitcoin (BTC) Stuck Just Slightly Above $4,000\u00a0 At the time of writing, Bitcoin is trading down nominally at its current price of $4,030, where it has been trading at for the past couple of days. Although traders and analysts alike have long hypothesized that a break above $4,000 \u2013 which was formerly an incredibly strong level of resistance \u2013 would lead the crypto to surge higher. Despite this, increased selling pressure has led it to remain stagnant just a hair above $4,000, which has not yet been validated as a fresh support level. While speaking to MarketWatch, Alex Kuptsikevich, a financial analyst at FxPro, echoed a rumor that has been drifting throughout the crypto community regarding BTC\u2019s current price action looking eerily similar to that which occurred in November just prior to its crash from $6,000 to $3,000. \u201cThe current absence of a dynamic is a bit scary, as it resembles the October decline, which ended in an impressive selloff,\u201d he explained, further adding that the $3,900 to $4,000 range has become an inflection point for BTC. If the postulation regarding Bitcoin\u2019s current price action mimicking that of last November\u2019s is accurate, than a significant drop could be in store. Analyst: BTC Must Break Above $4,300 in Order for Further Gains to be\u00a0Plausible\u00a0\u00a0 Although Bitcoin is presently stuck at its current price levels, if bulls are able to garner a significant amount of buying pressure that pushes the crypto to above $4,300, it may be able to surge significantly higher and recover much of its recent losses. Flood, a popular cryptocurrency analyst on Twitter, recently expressed this sentiment in a recent tweet, claiming that it is going to \u201cget ugly\u201d for short sellers if Bitcoin pushes past $4,300. \u201cSomeone very clearly defending shorts in this range. Going to get ugly for them if 4300 breaks,\u201d he explained in a recent tweet. It is important for traders to note that earlier this month Bitcoin surged to highs of $4,200 before spiraling back down to roughly $3,700, which validated the former price level as a strong area of resistance. Without a significant influx of buying pressure, it is highly unlikely that BTC will be able to climb past the $4,200-$4,300 region in the near future. As the week drags on, traders and analysts alike will gain greater insight into the direction Bitcoin is heading as its reactions to key price levels becomes more apparent. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":372653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-375164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n
Analyst: A Break Above 4,300 Could Create Ugly Situation for Bitcoin (BTC) Short Sellers<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n