Things “Could Get Ugly” for Bitcoin if It Closes Below This Key Level

Bitcoin has been on a wild ride throughout the past few days and weeks, with the selling pressure seen around its all-time highs sparking multiple selloffs. Although bulls have been unable to navigate beyond this price region successfully, the selling pressure seen here does seem to be getting weaker with each visit.

The first time this level was tapped, Bitcoin’s price reeled all the way down to lows of $16,400. One prominent trader explained in a recent tweet that $18,400 is a crucial level for Bitcoin to close a higher time frame candle above.

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