Analysts Anticipate Further Bitcoin Downside Despite Overnight Surge

After briefly dipping into the $7,000 region yesterday, Bitcoin (BTC) has once again been able to maintain this region as a strong level of support, as it has now climbed back to $8,100 during a strong move that followed its drop to lows of just under $7,900.
Analysts are now noting that bears are still in control of Bitcoin, which could point to the possibility that it will incur significantly further downwards pressure in the near-term before it is able to find enough support to spark the next noteworthy uptrend.
Bitcoin Climbs Back Above $8,000 as Bulls Fight Back
At the time of writing, Bitcoin is trading up just under 2% at its current price of $8,150, which marks a slight climb from its daily lows of under $7,900 which were set yesterday after BTC lost its foothold above its previous key support level at $8,200.
Bitcoin has been caught in a tight trading range between roughly $7,800 and $8,300 for the past several days, and its latest price action appears to further confirm the near-term strength of both the upper and lower boundaries of this range.
It is important to note that BTC’s bounce in the upper-$7,000 region may prove to be a technically positive thing for the crypto in the near-term, as analysts are noting that it is currently forming what appears to be a reversal formation.
“$BTC – Trying to build momentum above $8K on a reversal candle combo TD 9 on the 12hr #bitcoin chart,” Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

Analysts Are Optimistic After Bitcoin Just Plunged by 3%: Here’s Why
Sunday January 19, 2020

Just minutes ago as of the time of writing this article, Bitcoin (BTC) plunged 3% within a few minutes’ time, falling from $8,750 to as low as $8,460 in a short time period. On...

The post Analysts Are Optimistic After Bitcoin Just Plunged by 3%: Here’s Why appeared first on 12bitplay - Bitcoin Play.

$BTC – Trying to build momentum above $8K on a reversal candle combo TD 9 on the 12hr #bitcoin chart… pic.twitter.com/lJ1RJDqbLZ
— Big ChonisFlux Trading Group (@BigChonis) October 7, 2019

Who’s Accumulating Bitcoin? 784,000 Addresses Now Hold 1+BTC
Wednesday January 22, 2020

Studying Bitcoin wallets and the number of BTC they hold shows evidence of a growing pattern of accumulation of the digital asset. The number of Bitcoin addresses with a balance of more than one...

The post Who’s Accumulating Bitcoin? 784,000 Addresses Now Hold 1+BTC appeared first on 12bitplay - Bitcoin Play.

Will BTC’s Bulls Defend Against Further Downside in the Near-Term?
Although Bitcoin is currently forming a bullish reversal formation on its 12-hour candle chart, other analysts still believe that bears will continue to have an edge over bulls in the near-term, which could mean that the crypto is gearing up for a movement down towards the mid-$7,000 region.
Josh Rager, another popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that the crypto is still caught in a bearish descending triangle despite its upwards movement overnight.
“$BTC Update: After the close below sub $8k yesterday, Bitcoin has pushed back up over $8k but price rejected at resistance As you can see on the 4-hour chart, Bitcoin is currently in a descending channel. I’m currently short and waiting for the price to hit $7600s,” he noted.

Ethereum Above This Key Level for First Time in 6 Months: Is a Surge Coming?
Sunday January 19, 2020

While Bitcoin (BTC) saw a crazy week in and of itself, gaining 10%, Ethereum outpaced the market leader. The second-largest cryptocurrency by market capitalization gained 20% over the past seven days, pushing to $175...

The post Ethereum Above This Key Level for First Time in 6 Months: Is a Surge Coming? appeared first on 12bitplay - Bitcoin Play.

$BTC Update
After the close below sub $8k yesterday, Bitcoin has pushed back up over $8k but price rejected at resistance
As you can see on the 4-hour chart, Bitcoin is currently in a descending channel
I'm currently short and waiting for the price to hit $7600s pic.twitter.com/hXA0ce10XN
— Josh Rager (@Josh_Rager) October 7, 2019

The coming days will likely prove critical for determining which direction Bitcoin will trend throughout the rest of 2019, as a failure to garner any notable upwards momentum could mean that lower lows are imminent.
Featured image from Shutterstock.
The post Analysts Anticipate Further Bitcoin Downside Despite Overnight Surge appeared first on NewsBTC.

You may also like...