Bitcoin and the aggregated cryptocurrency market have seen mixed price action in recent weeks.
Despite the strong selling pressure that has guided Bitcoin lower and ultimately forced it down to $9,900, the benchmark digital asset’s bulls have been able to step up and stop it from seeing any massive near-term downside.
While speaking about its near-term outlook, one bearish trader explained that the weak reaction to both the $11,100 rejection and present weakness in the stock market is making him lose confidence in his short positions.
This could indicate that a break above its key resistance level is imminent in the near-term.
Bitcoin Struggles to Break Above Key Resistance
At the time of writing, Bitcoin is trading down just over 1% at its current price of $10,783. This marks a slight decline from its daily highs of $11,100 that were tapped yesterday.
These highs coincided with a region of immense selling pressure, as this was a previous support level that became strong resistance once it was broken below a couple of weeks ago.
Where the cryptocurrency trends next will now depend largely on whether or not buyers can reclaim this critical price region.
Trader: BTC Bears Could be Losing Strength as Stability Mounts
One trader, who was bearish on Bitcoin as its price approached $11,000, explained in a recent tweet that the tempered reaction it has posted thus far to its $11,100 resistance points to mounting weakness amongst sellers.
Image Courtesy of DonAlt. Chart via TradingView.
Unless bears step up and catalyze a sharp selloff in the near-term, it does appear that bulls are positioned to lay the groundwork for a push even higher.
Featured image from Shutterstock. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/33Eftwp
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.