It has been a rocky past couple of weeks for Bitcoin. The cryptocurrency was able to surge as high as $12,400 just a couple of weeks ago before it lost its momentum and began plunging lower, ultimately hitting lows of $9,900 before bouncing higher.
This has done little to offer insight into its near-term outlook, although it has elucidated underlying strength amongst the crypto’s bears.
One analyst is now noting that he is flipping short on BTC, hoping to trade a move down to $9,600. He indicates that this fresh technical weakness has come about due to the selling pressure at $10,500 it faced yesterday.
This recent price action has also had interesting impacts on crypto investors, as data shows that market sentiment remains incredibly mixed, with traders and investors growing increasingly bearish when it comes to where Bitcoin may trend in the near-term.
A confluence of technical weakness and unclear directional bias amongst investors may plague Bitcoin’s near-term