Reported By: Bitcoinist.com
- Bitcoin and the entire crypto market has faced some heightened selling pressure throughout the past day, with bears moving to regain control of BTC
- This has sent shockwaves throughout the entire crypto market, causing many tokens to plunge lower
- Analysts are now widely noting that the entire market could be well-positioned to see further losses in the near-term.
- One trader is noting that BTC reeling towards an “accumulation range” within the $9,000 region is a possibility
- That being said, the same trader also believes that a push up towards $12,600 could still be imminent in the near-term.
Bitcoin is facing some heightened selling pressure as its price sits within the $10,600 range. This is around where it has been trading throughout the past few days, with buyers and sellers being unable to gain any control over its near-term outlook.
Yesterday, bulls attempted to take control of its near-term trend when they pushed it up to highs of $10,800. This is around where its price began stalling, and where it ultimately faced a rejection that sent it down to lows of $10,600.
While sharing his thoughts on where Bitcoin may trend in the near-term, one analyst explained that although he is anticipating some short-term turbulence, he still expects it to rally higher in the mid-term.
Bitcoin Shows Signs of Weakness as Consolidation Phase Persists
At the time of writing, Bitcoin is trading down just under 1% at its current price of $10,650. This is around where it has been trading throughout the past few days.
Yesterday, however, the crypto did face a grim rejection at $10,800 that struck a serious blow to its near-term outlook.
Its current trading range exists between $10,500 and $10,800. Which of these levels is firmly broken above or below first should provide investors with significant insights into its near-term outlook.
Trader: BTC’s Market Structure Suggests It Is Poised to Move Towards $12,600
He does note that it may first enter an “accumulation range” within the $9,000 region.
“BTC Monthly Outlook: Depending on monthly close, either we see some type of accumulation in the 9000’s range before we end up eventually break above $12,500 and flip that key level… Anyways, $12,600 gets broken at some point in the next 6 months and I think we see new ATH’s.”
Image Courtesy of Cactus. Chart via TradingView.
Although the benchmark cryptocurrency may be in for some short-term turbulence, its mid-term outlook remains incredibly bright.
Featured image from Unsplash. Charts from TradingView.