At the time of this writing, Bitcoin (BTC) is trading at $6454 per coin — almost dead even over the last 24 hours. It is also only up less than one percent over the last seven days.

‘Only a Matter of Time’

This narrowing price action and continual decrease in trading volume as one analyst claiming that it is only a matter of time before the first and foremost cryptocurrency nosedives below crucial support around $6,000.

No Man’s Land

While it’s true that, in technical analysis, the more times price tests a critical level or support or resistance, the more likely it is to break it, it is also true that continually holding above a level of support is how bottoms are formed.

Because of these two conflicting possibilities, Bitcoin has largely stagnated in No Man’s Land while it awaits an inevitable break to the upside or the downside. Such a break, according to most market watchers, will almost assuredly be violent and volatile.

A break to the downside may be short-lived, however, as buyers have repeatedly entered the market in force everytime Bitcoin threatens to fall through its 2018 floor.

On the flip side, a strong break below support could trigger a wave of panic selling to significantly lower levels before buy pressure triggers a strong bounce — which may just be the catalyst this market is waiting for.

What do you think about the price of Bitcoin (BTC)? Will it break to the upside or the downside? (Or just keep going sideways?) Let us know your thoughts in the comments below! 

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