- Bitcoin has been oscillating between the lower and mid-$11,000 region throughout the past few days
- This rocky price action comes close on the heels of the harsh rejection at $12,000 that it posted this past weekend
- The cryptocurrency will likely continue struggling to garner any momentum as long as hovers below the upper-$11,000 region, which is where it faces some resistance
- Analysts do believe that some near-term downside could be imminent in the days and weeks ahead
- One trader is setting his sights on a move towards $10,000
Bitcoin and the aggregated crypto market are starting to lose their sense of direction, with both major and minor altcoins all seeing incredibly mixed performance over the past week.
This has offered little insight into the cryptocurrency’s mid-term trend, and the strong momentum seen in recent weeks is starting to falter – or so it seems.
Analysts are now growing somewhat bearish on the benchmark cryptocurrency.
One trader is noting that a movement to $10,000 could be imminent in the days ahead unless bulls can spark a sharp upwards rally.
Another analyst is highlighting the importance of BTC’s inability to break the crucial region between $11,700 and $11,800.
Bitcoin Struggles to Maintain Momentum as Selling Pressure Mounts
At the time of writing, Bitcoin is trading down 1% at its current price of $11,460. This is around the price at which it has been trading at throughout the past several days.
Yesterday, bulls attempted to push it past its resistance at $11,700 but failed, with the crypto subsequently reeling down towards its support at $11,200.
This level held strong, but BTC does appear to be growing increasingly weak.
One analyst noted that this recent price action highlights the importance of the region between $11,700 and $11,800.
“Now… do you finally see how important 11,700 is?”
Image Courtesy of Teddy. Chart via TradingView.
Analyst: BTC Poised to Test $10,000 in Near-Term Unless Bulls Spark Massive Movement
Another analyst recently offered a grave outlook for the benchmark cryptocurrency.
He notes unless Bitcoin sees further upside in the near-term, it now looks poised to see a decline down towards $10,000.
“BTC / USD: Another retest of this $11,250, seems as though bears are really trying to get price to see a larger correction, still getting bought back by bulls, but for how long? I think it’s a strong possibility that we see low $10,000 unless we see some upside momentum soon.”
Image Courtesy of Cactus. Chart via TradingView.
How Bitcoin trends in the coming few days may reveal more insight into whether or not the $11,700 level will remain insurmountable in the near-term.
Featured image from Unsplash. Charts from TradingView.