Bitcoin (BTC) price has been trading in a tight range between $26,340 and $27,640 for some time now, with analysts offering different perspectives on the direction of the trend.
At the time of this writing, BTC is trading at $26,900, up 0.32% on the day.
Analysts Pay Attention to $27,600 and $26,340 Levels in Bitcoin
According to Rekt Capital, a popular crypto analyst and trader, Bitcoin needs to retrace the $27,600 level as support for it to regain some of the bullish momentum it has lost over the past few weeks.
The $27600 level continues to act as resistance for #BTC
That’s the level to reclaim as support for $BTC to regain some of the bullside momentum it had lost over the past couple of weeks#Crypto #Bitcoin
— Rekt Capital (@rektcapital) May 20, 2023
However, another crypto analyst and market strategist, Ali Martinez, argued that Bitcoin is in under-traded territory between the risk lines of $27,640 (resistance) and $26,340 (support) on the 4-hour chart. He said that only a permanent close outside of this area will determine the direction of the BTC trend.
#Bitcoin | Let’s draw a line in the sand!
Per the TD Sequential, $BTC sits in a no trade zone on the 4-hour chart between the risk lines at $27,640 (resistance) and $26,340 (support). Only a sustain close outside of this area will determine the direction of #BTC trend. pic.twitter.com/NY0xVXaVky
— Ali (@ali_charts) May 20, 2023
Martinez also stated that Bitcoin miner reserves have dropped by more than 2,000 BTC in the past 24 hours, which shows that miners have sold around $54 million worth of BTC. This may indicate selling pressure from miners who are making profits or trying to hedge against potential downside risks.
*Not investment advice.
