Over the past couple of days, Bitcoin’s price has been largely stagnant. The leading cryptocurrency was stopped short up to highs of $11,000 because of its recent uptrend. Moreover, it has been stable beyond $10,700.
Yesterday afternoon, Bitcoin has seen an intense selloff. Nonetheless, it was able to maintain the bulk of its recent gains.
Because of this selloff, it went to as low as $10,500 on various exchanges. However, the decline did not last long and was followed by a firm rebound.
One analyst said that although Bitcoin been consolidating ever since this is the calm before the storm.
This price level has intensely strong resistance. In fact, it could keep on stopping the crypto from going further upwards momentum in the near-term.
Furthermore, the efforts made by bears to revert the strength recently expressed by the crypto has been in vain. The crypto stayed fairly stable within the upper-$10,000 regions.
One certain analyst thinks that a bigger decline could be approaching.
He says that it would see an accelerated decline down to lows of $9,500 if it would break below $10,500.
BEARS’ EFFORT IN VAIN
As of the moment, Bitcoin is trading up marginally with the current price of $10,760. It has been trading around this price throughout the past few days.
Bears made an effort to invalidate its stability yesterday. However, the move lower did not last long.
Currently, the whole crypto market is flat or is trending lower. Analysts are now keeping an eye on where Bitcoin trends next because more likely, it would decide the fate of altcoins.
TRADER: BTC COULD SEE A RAPID DECLINE TO $9,500 IF IT BREAKS ONE-KEY LEVEL
One trader spoke about the cryptocurrency’s near-term outlook. He said that the support that has been built around $10,500 will have a huge effect on its trend.
He thinks that Bitcoin could go straight down towards $9,500 if there is a decline below here.
The investors might be enlightened on where Bitcoin and the aggregated market may trend next in the few days ahead.