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Bitcoin bulls have been eagerly defending price levels of $ 4,000 in recent days, although they have not gained enough upward momentum to push the price of Bitcoin higher. While not maintaining any significant upward momentum, it is important to note that short positions for cryptocurrency are in decline, which could mean bears are losing strength.
The recent lack of volatility of Bitcoin has led the highland markets to exchange relatively flat positions, with Tron being the most performing high-end of today.
What the Bitcoin analysts say
Analysts have offered divergent views on where Bitcoin's next resistance level exists, but the overall conclusion is that it will require significant buying pressure to exceed the $ 5,000 level.
Mati Greenspan, a senior market analyst at eToro, recently discussed this, noting that Bitcoin (BTC) is likely to be captured in a broad trading range between $ 3,000 and $ 5,000.
"Even if $ 4000 is a nice round number, it does not necessarily represent any sort of significant psychological level." If we reduce the zoom … we can see that the overall range in which we find ourselves ranges from $ 3,000 to $ 5,000 per coin … So we are now halfway in the middle of a wider range, "noted Greenspan.
Although the recent momentum of BTC seems to be stalled, Greenspan has also explained in a recent market update that the amount of short positions against the crypt is in decline, which could mean that bears lose the confidence that markets will continue their descent.
"One thing we wanted to emphasize is a small chart here … which shows the short selling volume on bitfinex [sic] Scrambled exchange. The red line is the price of Bitcoin. The blue line is the level of short selling, which fell nearly 30% from its January 1 peak, "he said, referring to a chart showing that short positions fell nearly 30% from # Of the beginning of 2019.
Bitcoin, Altcoin, mixed trade
At the time of writing this article, Bitcoin is trading marginally at the current price of $ 4.040, and has been able to maintain its position above $ 4,000 in recent days.
Ethereum is also trading slightly at the current price of $ 150.93 and seems to have found buying support in the region of $ 140.
Although Ethereum is closely following Bitcoin's price action, The Crypto Dog, a well-known cryptanalute analyst on Twitter, explained in a recent tweet which is currently "part bear" on the cryptocurrency.
"I'm picky until I have a reason to be different, but I'm happy to be denied," he said.
Tron is currently the most performing highcoin today and is trading more than 12.4% at the current price of $ 0.029. The price hike of Tron can be directly linked to the imminent launch of the BitTorrent token, BTT, which is powered by the Tron network.
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