The cryptocurrency market has been firmly range-bound for the past couple of days, which has been rooted in Bitcoin’s inability to garner any direction in the time following its recent break below $9,000.
As the benchmark cryptocurrency continues hovering around $8,700, analysts are now keeping their eyes on a few levels that are key for determining the state of its 2020 uptrend.
One prominent trader is now noting that there are two liquidity regions that he is closely watching, with its reaction to these regions potentially offering valuable insight into the future of the recent 2020 uptrend.
Bitcoin consolidates at $8,700 as bulls and bears reach an impasse
Although Bitcoin and the aggregated crypto market remained in an unrelenting uptrend throughout all of January and most of February, it now appears that buyers and sellers have grown deadlocked.
This is elucidated while looking at the cryptocurrency’s bout of sideways trading within the upper-$8,000 region, as it has struggled to break above the strong resistance that exists below $9,000 but is being bolstered by the significant buying pressure that sits at roughly $8,400. Read More...