Bitcoin price breaks past $18.8K as bears and bulls map out its path

The price of Bitcoin has stabilized above $18,000 and broken out of the critical $18,500 level. Analysts discuss short-term bull and bear cases.There are both bearish and bullish scenarios for Bitcoin in the foreseeable future. The bear cases surround two key data points: rising BTC deposits from whales to exchanges and BTC’s lack of retests of crucial support levels. The bull cases are based on HODLer activity, address activity, the market capitalization gap between BTC and gold, and the favorable technical structure of Bitcoin.

Bitcoin surpassing $18,500 is critical for its near-term price cycle. There were large sell orders right above $18,500, which acted as a strong resistance area. In prior attempts to break past $18,500, BTC dropped substantially within a short period. This time, it exceeded the resistance level with ease, marking a clean breakout.