Confusion is mounting among Bitcoin investors, as the price of Bitcoin is showing no indication of an upcoming bullish momentum. A new observation made by a crypto analyst indicates that the BTC market is less likely to meet the expected upward momentum before passing through a sideways market situation.
Bitcoin Continues to See Spot Selling
The post, shared by the cryptocurrency analyst, identified as CrediBULL Crypto, highlights the existence of strong selling pressure in the spot market of Bitcoin.
A continued offloading of BTC in the spot market usually leads to a decline in the BTC price – which is a trend undesirable in a market that is expecting a strong upward momentum.
The post also points out the existence of signs of absorption at the lower price levels.
The aforementioned trend can be considered slightly favorable as it reveals the possibility for stabilization.
Possible Choppy Bitcoin Price Action Ahead
From the statement made by the expert in the X platform, it can be clearly interpreted that the Bitcoin market is likely to move sideways, with occasional ups and downs, in the next couple of days – or even weeks.
There are experts who are of the opinion that a ranging price action should be considered as a cool-off period which generally happens before the price makes a decisive move.
Key Bitcoin Price Levels to Watch
The expert shares an important chart, along with his post. The chart showcases some key price levels that BTC investors should keep an eye on for any sudden market changes.
Please go through the chart above. In the points that he marked in blue, he expects to see deviations.
In conclusion, it may be disappointing for Bitcoin investors to hear that they will have to wait longer to see the highly anticipated bullish trend. To their relief, the expert does not dismiss that possibility completely but only advises them to wait patiently for a few more weeks.
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