Bitcoin has firmly established that it is trading within a relatively tight range. This comes as the cryptocurrency has been hovering within the upper-$8,000 region for several days.
Each visit up to highs of $9,200 has been met with significant selling pressure that subsequently forces it lower, signaling that this is the key near-term resistance level that bulls need to target.
An interesting trend to observe in the near-term is how Bitcoin responds to some significant bids bitcoin investment sites that were placed just beneath its current price region. If BTC fails to post a sustained uptrend as a result of these bids, one analyst believes it could be prone to a “rug pull” scenario.
This marks a notable decline from daily highs of $9,200 that were set overnight when bulls once again attempted to spark an uptrend.
Last night’s rejection marked the fourth one that the crypto has seen at this price region, double your bitcoin elucidating that the sell wall built here may be insurmountable in the near-term.
Throughout the course of this rangebound trading, BTC has tested the lower boundary Best Anonymous Bitcoin Exchange of its trading range more times than it has tested the upper boundary – a subtle sign of weakness amongst buyers.