The price of BTC has been trading near the $8,700 area following several declining pressure that led to its loss of the past level it maintained around the $8,800 zone. According to data, the declining pressure was huge despite that the losses were little.
The ability of buyers to absorb the larger portion of the declining pressure could signal the likelihood of the cryptocurrency to experience a continued bullish uptrend it has been trapped in within the previous couple of weeks.
At press time, Bitcoin was on the downside by more than 1 percent at $8,700, representing a little decline from its daily highs of more than $8,800. The crypto has been into sideways trading near $8,800 and did not have a substantial decline but analysts have said that its failure to keep up with the uptrend signals technical weakness.
It seems both the buyers and sellers are at stalemate at the moment as the crypto has been able to surge a little from its daily lows of $8,600.
A noteworthy factor surrounding the price action of Bitcoin in recent times is the remarkably incredible aggressive selling pressure that did not result in any type of notable price decline.
According to Cantering Clark on Twitter, it is too early to imply that the crypto is retracing, meaning that it could experience more upward momentum soon. Josh Rager believes it is a bullish signal.
BTC may extend the huge bullish momentum if continues to find support near $8,600 and buyers keep absorbing the current remarkable selling pressure.