- 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.
Yesterday, however, the crypto did face a grim rejection at ,800 that struck a serious blow to its near-term outlook.
Bitcoin is facing some heightened selling pressure as its price sits within the ,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.
At the time of writing, Bitcoin is trading down just under 1% at its current price of ,650. This is around where it has been trading throughout the past few days.
Bitcoin Shows Signs of Weakness as Consolidation Phase Persists
Yesterday, bulls attempted to take control of its near-term trend when they pushed it up to highs of ,800. This is around where its price began stalling, and where it ultimately faced a rejection that sent it down to lows of ,600.
Its current trading range exists between ,500 and ,800. Which of these levels is firmly broken above or below first should provide investors with significant insights into its near-term outlook.
He does note that it may first enter an “accumulation range” within the ,000 region.
Trader: BTC’s Market Structure Suggests It Is Poised to Move Towards $12,600
Featured image from Unsplash.
Charts from TradingView.
“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 ,500 and flip that key level… Anyways, ,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.
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.
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