The past few days have been a test of patience for the Bitcoin (BTC) bears and the bulls alike. Despite the efforts from both sides, the price of the largest crypto is not able to break out of a tight range.
Both sides have tried their best to move Bitcoin to their corner but both of them have failed. The price of Bitcoin has continued hovering inside the particular and tight range.
Bitcoin is Oscillating within a Tight Range
A look at the price analysis for Bitcoin shows that since December 27, the price of Bitcoin has continued hovering in a tight range.
This range is represented by the top trading level of $16,877 (20-day EMA) and $16,559.
Whenever the price of BTC moves to a high of $16,877, it is the bearish sentiments that grow stronger. The moment the bearish sentiments are triggered, they start selling the asset with great power.
They keep on building the pressure until the trading price of the currency falls to a low of $16,559. Just when the price of the asset comes closer to $16,559, it is the bullish sentiments that become active.
Both sides have been at it with each other on a number of occasions in the past few days but none has gained any prominent success.
They are still playing within the tight range and it seems they are feeling comfortable staying in this zone.
Bears are Stronger
Given the fact that the crypto market is bearish, it is only a matter of time before the bears recognize their true selling potential. Whenever they do, they will find the overall trend coming into their support.
As the market currently is, there is no chance for the bulls to be able to form a strong rally. Until the entire crypto market starts moving upwards, the situation will not go in favor of the bulls.
It is the bears who have control and they can launch their attack anytime they want and pull BTC’s price lower.
Bulls May Use the Opportunity to Their Benefit
Until the bears recognize their potential, it is important that the bulls keep building pressure and momentum at the same time.
If they are able to do it, then the price of BTC will move higher with the help of a strong rally. If the rally persists long enough, then the market may see a change in the behavior of the investors.
In that case, the trading price of BTC may start moving higher. If that happens, then the bulls will have the chance to push BTC over the $17k level.
If the momentum keeps on building, then the price of BTC may surge to a high of $18,388.