Bitcoin prices traded modestly higher, but for those looking for a bitcoin price prediction, the largest digital currency by market value still resides near multi-day lows, prompting some crypto market observers to speculate there could more near-term price erosion.

Over the short-term, it is critical for bitcoin’s fortunes that some positive sentiment emerges so that bullish traders have reasons to reenter the market.

“The leading cryptocurrency traded in a sideways manner over the weekend, neutralizing the immediate bullish outlook. However, the consolidation was expected to end with an upside break, as the short-term moving averages (MAs) turned bullish on Saturday, adding credence to positive relative strength index divergence (RSI),” reports

Some traders are concerned that if bitcoin slumps below the technically important $6,000 level, selling pressure from there would intensify.

“BTC dived out of the trading range in the US session yesterday and fell to a low of $6,203 – the lowest level since Sept. 12 – indicating the corrective rally from the recent lows near $6,100 has likely ended at Friday’s high of $6,600,” according to Coindesk.