Bitcoin has been caught in a tight trading range for the past several days and weeks, and after incurring some bullish momentum yesterday that sent it to its upper range boundary, the cryptocurrency was rejected and is now nearing the bottom of its current trading range.<\/p>\n
This rejection and the subsequent movement downwards has led analysts to set low near-term targets for the cryptocurrency.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down 1% at its current price<\/a> of $9,230, which marks a notable drop from its daily highs of nearly $9,500 that were set yesterday.<\/p>\n BTC has been caught within a relatively tight trading range between $9,000 and $9,500 for the past several days and weeks, and the existence of this range was further confirmed yesterday when the crypto was rejected at the upper boundary of this trading range.<\/p>\n Although the crypto has been able to find some strong support around its current price levels, it has not yet tapped $9,000 since this range was formed, which makes it unclear as to just how strong this level will be in the case of further downside.<\/p>\n It does appear that at the moment Bitcoin is sitting right above its 200-day moving average, which has consistently proven to be a strong support level for the crypto.<\/p>\n Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:<\/p>\n \u201c$BTC #Bitcoin – Daily – Right at that MA 200 again.\u201d<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> – Daily – Right at that MA 200 again https:\/\/t.co\/l9BNivzxtZ<\/a> pic.twitter.com\/tEH6HxlcDE<\/a><\/p>\n — Cheds (@BigCheds) November 7, 2019<\/a><\/p><\/blockquote>\n\n