Bitcoin has seen some mixed price action as of late, with bulls aggressively budding it higher yesterday before an influx of selling pressure today caused it to erase a large portion of yesterday’s gains.
This price action has done little to provide investors with insights into the mid-term trend, as BTC’s latest rejection came about at the top of a long-held trading range.
Assuming this range holds strong, it could indicate that further downside is imminent in the near-term.
Bitcoin Erases a Piece of Yesterday’s Gains as Bears Take Hold
At the time of writing, Bitcoin is trading down just under 3% at its current price of $36,600, which is around where it has been trading throughout the morning hours.
Bears did push it as low as $36,000, but some decent buy-side support allowed for it to see a rebound.
It remains unclear how strong this resistance will be in the mid-term or whether it will prove to be a local high.
BTC Remains Range-Bound as Selling Pressure Mounts
One analyst explained in a recent tweet that Bitcoin is still trading within a large trading range and may not break out until bulls can gain greater control over the market.
“BTC: Still range bound unless we make a clean break above January high,” he said while pointing to the below chart.
Image Courtesy of TraderSZ. Source: BTCUSD on TradingView.
The coming few days should shine a light on Bitcoin’s outlook and whether or not the selling pressure it currently faces will be enough to thwart the newfound uptrend.
Featured image from Unsplash.Charts from TradingView.