- Bitcoin is currently lagging behind many of its peers, as the benchmark cryptocurrency is stable within the upper-$11,000 region while Ethereum and other major altcoins rally
- Analysts are noting that the cryptocurrency is forming underlying strength, however, which may allow it to push higher in the near-term.
- As such, this current consolidation may be buyers’ way of laying the groundwork for a significant push higher in the near-term
- One trader is specifically noting that the resistance that has been plaguing BTC is beginning to degrade
- He believes that this suggests that further upside is imminent
Bitcoin is currently stagnant within the upper-$11,000, with its bout of sideways trading coming about as many other digital assets – like Ethereum – show signs of significant strength.
The resistance at $12,000 that has been insurmountable for the past several weeks has shown few signs of letting up, as buyers have yet to successfully even test this level.
That being said, analysts are noting that the selling pressure here has dissolved significantly in recent times.
As such, the current consolidation phase may be enough to propel it past this level and send the cryptocurrency flying significantly higher in the days and weeks ahead.
Bitcoin Trades Flat Around $11,700 While Ethereum and Other Altcoins Rally
At the time of writing, Bitcoin is trading up marginally at its current price of $11,715. This is around the price at which it has been trading throughout the past few days.
It is important to note that this marks a full recovery from its recent lows of $11,100 that were set last week after BTC faced a rejection at $11,600.
Buyers’ ability to absorb this selling pressure, defend its key support around $11,000, and push it back up to the upper-$11,000 region points to underlying strength amongst bulls.
Analyst: BTC Selling Pressure is Starting to Degrade
One analyst explained in a recent tweet that the immense selling pressure between $12,000 and $13,000 that was previously suppressing its price action is beginning to degrade.
He notes that on a higher time frame chart, there isn’t much resistance stopping BTC from climbing past $12,000 and up towards the $13,000 region in the near-term.
“BTC: High time frames on Bitcoin looks good. The weekly candle shows that buyers were interested in sub $11,550. And there isn’t much holding Bitcoin between the current price and $13ks on high time frames. I personally think it’s time BTC makes way for $12k+ again,” he said.
Image Courtesy of Josh Rager. Chart via TradingView.
If Bitcoin can shatter the intense selling pressure that exists around $12,000, it may soon be able to start the next leg of its uptrend.
Featured image from Unsplash. Charts and pricing data from TradingView.