Bitcoin has once again found itself caught within a bout of sideways trading as it struggles to garner any momentum as it hovers around the $8,800 region.This is around the price point at which it has been trading at throughout the past couple of days, and it does appear to be a critical support level.Although buyers have been ardently guarding against a dip below this price, analysts are noting that the benchmark cryptocurrency’s high time frame outlook seems to greatly favor sellers, with one even going so far as to note that the crypto could soon be trading within the $5,000 region.This is where a massive amount of support exists, but there are a few other price regions before this level that could bolster BTC.Bitcoin Consolidates Around $8,800 as Buyers Guard Against a Significant SelloffAt the time of writing, Bitcoin is trading down just over 1% at its current price of $8,820.Earlier today Bitcoin dipped as low as $8,700 before buyers stepped up and absorbed the immense selling pressure that drove this movement.Which direction BTC trends in next will likely be determined by how it reacts to this level.Traders don’t seem to think that its near-term outlook is too bright, however, as Cantering Clark – a popular cryptocurrency analyst – recently explained that he is now focused on shorting BTC until it posts a bullish reaction to either $7,300 or $6,800.“Likely done with any longs outside of intraday plays, i.e. longer swing positions, until we put in some type of strong PA down in blue. Bitcoin is pretty formulaic, lose black and you are coming down to ugly numbers,” he explained while pointing to the chart seen below.
Bitcoin(BTC)$57,746.00 Ethereum(ETH)$2,893.35 Tether(USDT)$1.00 BNB(BNB)$549.84 Solana(SOL)$122.41 USDC(USDC)$1.00 XRP(XRP)$0.493266 Lido Staked Ether(STETH)$2,890.66 Dogecoin(DOGE)$0.125030 Toncoin(TON)$4.72