Bitcoin has been consolidating within the upper-$11,000 region for the past several days. Its ongoing bout of sideways trading first came about last weekend when it faced a firm rejection at $12,000.
The selling pressure here has proven to be insurmountable ever since, and traders are now shifting their focus towards smaller altcoins – which have been posting massive gains throughout the past several days.
Where Bitcoin trends next may depend largely on whether or not buyers can close the daily candle today and weekly candle tomorrow above $11,700.
Analysts are noting that the importance of this level should not be underestimated.
Despite a close above $11,700 being a likely occurrence, one trader is flipping short on BTC with a downside target of roughly $10,300.
If this target is hit, …