Bitcoin Trades Flat as Short Positions and Selling Volume Decline

Bitcoin bulls have been ardently defending the $4,000 price level over the past several days, although they have not gained enough upwards momentum to propel Bitcoin’s price any higher. Despite not maintaining any significant upwards momentum, it is important to note that short positions for the cryptocurrency have been on the decline, which may mean that bears are losing steam.Bitcoin’s recent lack of volatility has led the altcoin markets to trade relatively flat, with Tron being today’s best performing altcoin.What Analysts Are Saying About BitcoinAnalysts have offered differing views with regards to where Bitcoin’s next level of resistance exists, but the general conclusion is that it will require significant buying pressure to climb above the $5,000 price level.Mati Greenspan, the senior market analyst at eToro, discussed this recently, noting that Bitcoin (BTC) is likely caught in a wide trading range between $3,000 and $5,000.“Even though $4,000 is a nice round…

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