- Bitcoin’s price action has been rather lackluster ever since it saw its sharp decrease to lows of almost $28,000 just a few days ago
- The selling pressure that sent it down to these lows has actually given that subsided, however bulls have been having a hard time to extend the momentum that initially stimulated this movement
- Where the whole market trends in the mid-term might depend largely, if not completely, on whether Bitcoin can sustain the rebound seen in the time following this motion
- One trader is now keeping in mind that the entire market could be well-positioned for a huge motion in the near-term
- He explains that BTC is being squeezed between two key technical levels that might have some heavy influence over its near-term trend
Bitcoin’s price action feels rather devoid of momentum, with financiers and analysts largely focusing their attention on Ethereum and other altcoins for the time being.
This comes as BTC hovers within the lower-$30,000 area, with bulls having a hard time to perpetuate the momentum that assisted send its cost rocketing from lows of just over $28,000 to highs of $33,000 that were set last night.
One analyst is now noting that Bitcoin is currently hovering in between two crucial technical levels, which could mean that it is just a matter of time before the crypto sees an enormous movement.
Bitcoin Struggles to Maintain Strength as Sellers Try to Regain ControlAt
the time of composing, Bitcoin is trading down simply under 1% at its current rate of $31,900. This marks a significant decrease from its current highs of $33,000 that were set overnight.
The resistance here was rather extreme and has considering that triggered its price to move lower, with no clear assistance till $30,000.
If the crypto can gain any enormous momentum in the short-term, it might revoke this weakness and validate the “V-shaped” healing that bulls have actually been wishing for.
Expert Claims BTC is Gearing Up for a Massive Movement
One analyst discussed in a current tweet that Bitcoin might be preparing to make a big movement.
He described that it is presently trading directly in between its 21 and 200-day EMAs, which could imply a big movement impends.
“Bitcoin getting squeezed between the cloud. Specifically between the 21 and 200ema – – huge move will follow.”
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The coming few days should shine a light on whether this imminent move will favor bulls or bears, and tonight’s weekly close must likewise be informing as to BTC’s mid-term outlook.
Included image from Unsplash. Charts from TradingView.