Bitcoin has seen some mixed price movements lately. The bulls rose aggressively yesterday and today’s selling pressure has erased a large part of yesterday’s earnings.
The last break for Bitcoin occurred at a very critical point
This price action was hardly enough to provide investors with insight into the medium-term trend, as BTC’s most recent refusal occurred at the top of a longstanding trading range.
Given that this range is strong, it seems likely that more declines are near in the near term.
At the time of this writing, Bitcoin is trading slightly below 3% with its current price of $ 36,600, which is also traded in the morning.
Important to stay above $ 36,000
The bears dropped the price down to $ 36,000, but reasonable buy-side support allowed us to see a recovery. It remains unclear how strong this resistance will be in the medium term or whether it will become a local peak.
An analyst explained in his last tweet that Bitcoin is still trading in a wide range of trade and may not explode until the bulls gain more control over the market.
Still range bound unless we make a clean break above January high pic.twitter.com/GGPrBDnnwk
— TraderSZ (@trader1sz) February 4, 2021
The next few days may shed light on Bitcoin’s outlook. We will also see if the selling pressure that BTC is currently facing will be enough to prevent the newly discovered uptrend.