Bitcoin and the entire cryptocurrency market is currently experiencing some immense weakness, with BTC struggling to hold above its key support at $9,900 while most major altcoins post sizeable losses.
This comes after a long-held bout of sidewards trading between $10,000 and $10,300 and could simply mark an extension of this consolidation – if bulls can reclaim the five-figure price region.
One trader is pointing to a few factors that may indicate that a massive movement is on the horizon.
Bitcoin Struggles to Hold Above Crucial Support as Selling Pressure Ramps Up
At the time of writing, Bitcoin is trading down over 4% at its current price of $9,970. This is around the price at which it has been trading throughout the past several days, with sellers being unable to shatter its $9,900 support.
That being said, the multiple tests that this level has undergone in recent times does indicate that a break below it may be imminent.
All eyes are now closely watching to see how BTC reacts to $10,000, as a break and hold above this level could be bullish, whereas a sustained bout of trading beneath it could result in it seeing further downside.
These Factors Suggest BTC is Building Up for a Massive Movement: Analyst
He pointed to rising open interest on BitMEX as one factor supporting this notion.
How Bitcoin reacts to $10,000 should provide significant insight into its near-term trend.
Featured image from Unsplash. Pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/339NZi7
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