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.
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.
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.