Bitcoin (BTC) buyers and sellers won’t let the price progress

Earlier this year. Bitcoin price has spent months trapped between $9,000 and $10,000, and for the most part, the fluctuations of its price were as small as a few hundreds of dollars. The coin finally managed to escape this limbo in late July, only to get stuck in another one barely a few days later.

Bitcoin price stuck again

Bitcoin’s buyers and sellers seem to be evenly matched, which continues to be a problem for the coin’s price. The price has been stuck between $11,000 and $12,000, as the situation from earlier this year repeats itself.

While many are expecting a full-fledged bull run to commence at any moment, this is unlikely to happen for as long as the coin keeps testing key levels on the downside.

One daytrader on Twitter, going by the name of IncomeSharks (@IncomeSharks) noted that “Usually pointless making predictions this far ahead but people keep asking me what I’m expecting. For now $BTC looks like it wants to test SuperTrend support (and re-test the breakout). So for me I’m thinking $10,600/$10,700 range bounce. Then comes the fun after people flip bear.”

Bears and bulls clash again

The coin has been seeing strong corrections and weak recoveries ever since it reached $12,500 earlier this month, and analysts still continue to see a bearish trend in the short-term.

However, the long-term trend remains bullish, particularly due to fears of inflation due to the central banks’ decision to print money during the pandemic. Another fundamental reason for analysts being bullish on BTC in the long-term is the negative correlation with the USD.

This has inspired many to invest in Bitcoin, including companies — like Canada’s Snappa — and individuals — such as Paul Tudor Jones — alike.