Bitcoin’s price action has given investors mixed signals as of late, with the benchmark cryptocurrency oscillating between $10,000 and $11,000.
The resistance found at the upper boundary of this trading range has proven to be quite significant, as it has catalyzed numerous rejections throughout the past few weeks.
Analysts are now widely offering mixed outlooks on BTC in the near-term, noting that its mid-term trend depends almost entirely on whether or not it is able to break above $11,000 in the near-term.
Despite a foggy technical outlook, the cryptocurrency’s fundamentals remain incredibly strong, and one indicator is even suggesting that a massive upside move could be right around the corner.
This on-chain indicator has been declining for a while, but just bounced at a historically significant level. In the past, reversals at this level hint that a parabolic rally is imminent.
Bitcoin Struggles to Maintain Its Momentum as $11,000 Selling Pressure Grows
At the time of writing, Bitcoin is trading down marginally at its current price of $10,850. This marks a notable surge from its recent lows of $9,900 that were set just over a week ago, but the cryptocurrency still remains down from recent highs of $12,400 that were set at the end of August.
The cryptocurrency’s price action in recent days has mostly consisted of it slowly grinding higher until it tapped highs of $11,100.
The selling pressure at this level was significant and nearly