Bitcoin and the entire crypto market faced increased selling pressure over the last day as the bears sought to regain control of BTC.
This has caused shock waves throughout the crypto market, causing many tokens to fall into the depths.
Analysts now conclude that the market as a whole may be well positioned to record further losses in the near future.
One trader explains that BTC is heading for an accumulation margin within the $9,000 region.
Nevertheless, the trader also believes that a rise to $12,600 may be imminent in the near future.
Bitcoin is facing increased selling pressure as the price seems to be trapped within the $10,600 range. This is an area where the asset has been trading in recent days, with buyers and sellers unable to gain control over the short-term outlook.
Yesterday the bulls tried to take control of the short-term trend when they pushed BTC to highs of $10,800. Here the price began to stall and eventually faced rejection, which took it down to lows of $10,600.
One analyst shared his thoughts on where Bitcoin might go in the near future. Although he foresees some short-term turbulence, he still expects BTC to rise higher in the medium term.
Bitcoin shows signs of weakness – consolidation phase continues
At the time of writing, Bitcoin is quoted at a price of $10,850. This is well above the range at which it has been traded in recent days.
Yesterday, however, at $10,800, the crypto currency faced bitter rejection, which seriously questioned its short-term prospects.
Bitcoins current trading range is between 10,500 and 10,800 dollars. Whichever of these levels is breached first should provide investors with important insights into BTCs short-term prospects.
Trader: Bitcoins market structure indicates that it will move to $12,600
Regarding the question of where Bitcoin might go in the near future, one analyst estimates that a move to $12,600 is imminent in the medium term.
However, he also thinks that Bitcoin could initially enter into an accumulation range within the $9,000 region.
BTC Monthly Outlook: Depending on the end of the month, we either see some kind of accumulation in the 9000 bandwidth before we finally go above $12,500 and turn this key mark… Anyway, $12,600 will be broken sometime in the next 6 months and I think well see new ATHs.
Image courtesy of Cactus. Chart via TradingView.
Although the reference currency is facing some turbulence in the short term, the medium-term outlook remains incredibly good.