Bitcoin and the aggregate crypto market have entered a solid consolidation phase in the past few days as it struggles to achieve any significant upward momentum.He has managed to stabilize in the mid-$ 9,000 range, but resistance between $ 9,700 and $ 10,000 has proven insurmountable.An analyst points to three main factors as reasons why this sustained upward trend could not differ from that of the past weeks and months.He explains that in addition to the distorted spot order books on the seller side, there is a lack of filling on the bid side and a dizzying interest in derivatives.
These three factors point to a rapid Bitcoin selloff
Last week, Bitcoin is trading slightly declining at its current price of $ 9,550, which is roughly the price it was traded in the past few days.The cryptocurrency has found itself in a fixed trading range between $ 9,300 and $ 9,700. The resistance at the upper limit of this trading range has become quite strong as every visit here has resulted in a sharp decline.An analyst notes that this recovery is strikingly similar to the past few weeks. Should Bitcoin repeat the price movement it has seen around $ 10,000 in the past few weeks, there could soon be a remarkable decline.