Bitcoin on a Mark to a Massive Move
These Factors Suggest Bitcoin is Building Pressure to Make a Massive Move.
Bitcoin is once again teetering on the brink of seeing some serious downside, as the cryptocurrency is struggling to hold above its key $9,900 supportThe benchmark crypto has yet to plunge beneath this level, but the chances of it being broken do appear to be growing by the hourMost investors are anticipating this to result in a move down towards its CME gap at $9,700, which has yet to be filledFilling this gap could lead many bears to flip bullish, thus boosting the crypto’s price higherThat being said, one analyst is looking towards a variety of factors that suggest Bitcoin is building up pressure to make a massive movement
Bitcoin and the entire cryptocurrency market is currently experiencing some immense weakness, with BTC struggling to hold above its key support at $9,900 while most major altcoins post sizeable losses.
This comes after a long-held bout of sidewards trading between $10,000 and $10,300 and could simply mark an extension of this consolidation – if bulls can reclaim the five-figure price region.
One trader is pointing to a few factors that may indicate that a massive movement is on the horizon.
These Factors Suggest BTC is Building Up for a Massive Movement
While speaking about Bitcoin’s current bout of trading above its key support, one analyst noted that Bitcoin’s sideways trading seems to suggest that a large movement is brewing.
He pointed to rising open interest on BitMEX as one factor supporting this notion.
How Bitcoin reacts to $10,000 should provide significant insight into its near-term trend.