BTCUSD $16,000 Holds

Bitcoin has rallied to its highest trading level in close to two years, with the number one cryptocurrency rallying towards the $15,900 area. Medium-term technical analysis shows that the BTCUSD pair could surge towards the $17,200 level if the $16,000 level is overcome. To the downside, traders looking to enter into the prevailing bullish trend may be awaiting a pullback towards the $14,500 area.

The BTCUSD pair is only bullish while trading above the $13,900 level, key resistance is found at the $16,000 and the $17,200 levels.

If the BTCUSD pair trades below the $13,900 level, sellers may test the $13,500 and $13,300 levels.

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Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

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