Bitcoin and the entire cryptocurrency market have faced increasing selling pressure over the past day, and the bears have begun to regain control of BTC. This sent shockwaves to the entire crypto market, causing many tokens to fall further.
Analysts point out that the entire market can now be well positioned to suffer further damage in the near term. One trader points out that there is a possibility that BTC will swing towards an “accumulation range” in the $ 9,000 zone. However, the same trader believes that a rise to $ 12,600 in the near term may still be imminent.
Bitcoin is facing some high selling pressure as its price is in the $ 10,600 range.
Yesterday, when the bulls pushed the asset to the highs of $ 10,800, they tried to take control of the short-term trend. This is where its price started to stall and eventually faced a rejection that dropped it to $ 10,600.
While sharing his thoughts on where Bitcoin might head in the near term, an analyst explained that although he expected short-term turbulence, he still expected to rise in the medium term.
As Consolidation Continues, Bitcoin Shows Signs Of Weakness
At the time of writing, Bitcoin is trading 1% below today’s price of $ 10,650. This is where it has been trading for the past few days, but yesterday the crypto faced a severe rejection at $ 10,800, which took a serious blow to its short-term outlook.
The current trading range is from $ 10,500 to $ 10,800. Which of these levels breaks firmly above or below first should provide investors with important information about its short-term outlook.