- Bitcoin’s price has been largely stagnant over the past couple of days, with its recent uptrend stopping short of leading the cryptocurrency up to highs of $11,000
- BTC has been able to maintain the bulk of its recent gains despite the selloff seen yesterday afternoon
- This selloff caused it to wick as low as $10,500 on some exchanges, but the decline was fleeting and followed by a strong rebound
- Although Bitcoin has been consolidating ever since, one analyst believes that this is the calm before the storm
- He is setting his sights on a move down towards $9,500 in the near-term, which would mark one of the lowest prices it has seen in many months
Bitcoin and the entire cryptocurrency market have been struggling to maintain their upwards momentum, which is likely due to the strong resistance that BTC is facing around $11,000.
The strength of the resistance that sits at this price level has been intense and may continue stopping the crypto from seeing further upwards momentum in the near-term.
That being said, each attempt by bears to revert the strength recently expressed by the crypto has been futile, as it has remained fairly stable within the upper-$10,000 region.
One analyst does believe that a bigger decline could be imminent.
He notes that a break below $10,500 will be enough to cause it to see an accelerated decline down to lows of $9,500.
Bitcoin Stable Above $10,700 Despite Heightened Selling Pressure
At the time of writing, Bitcoin is trading up marginally at its current price of $10,760. This is around the price at which it has been trading at throughout the past few days.
Yesterday, bears attempted to invalidate its stability, but the move lower ended up being fleeting.
The entire crypto market is currently flat or trending lower as analysts watch to see where BTC trends next, as it will likely determine the fate of altcoins.
Trader: BTC Could See a Rapid Decline to $9,500 if It Breaks One Key Level
While speaking about the cryptocurrency’s near-term outlook, one trader noted that its trend all depends on the support that has been built around $10,500.
He believes a decline below here could lead Bitcoin straight down towards $9,500.
“BTC: Highs swept into daily supply, clean unswept lows right above demand. 10500’s will be key imo, lose that and I think we accelerate quickly towards 9.5k. Invalidation of my bearish bias on a break above 11.1k.”
Image Courtesy of George. Chart via TradingView.
The coming few days will likely provide investors with greater insights into where Bitcoin and the aggregated market may trend next.
Featured image from Unsplash. Charts from TradingView.