Bitcoin Breaks Below $8,000 and Nears Range Lows as Analysts Eye Further Losses
After experiencing a long period of sideways trading within the lower-$8,000 region, Bitcoin (BTC) has once again extended its downwards momentum and has begun moving lower today as it has broken below $8,000 on most major exchanges.
This extension of its downwards momentum has led most analysts to target lower-lows in the near-term, but BTC does still have one last level of near-term support before it posts a decisive break below the recently established trading range that it has been caught within for the past several days and weeks.
Bitcoin Breaks Below $8,000 on Most Major Exchanges as Bulls Falter
At the time of writing, Bitcoin is trading down roughly 1% at its aggregated price of $8,010 across all exchanges, although it is important to note that its price is already trading below $8,000 on many individual exchanges.
Bitcoin’s bearish price action in recent times marks an extension of the bearishness that it incurred when it broke below $10,000 late last month, and BTC has failed to post any noteworthy upwards momentum in the time since this massive drop occurred.
In the near-term, it is highly likely that BTC continues to see insurmountable selling pressure, as the crypto’s inability to garner any sustainable upwards momentum points to an underlying bearishness for the cryptocurrency.
The Cryptomist, a popular crypto analyst on Twitter, told her over 40k followers that she expects the crypto to incur notable volatility in the week ahead, which could potentially lead to a leg up before it plummets to fresh multi-month lows.
“$BTC: Been ranging this week but expecting action this upcoming week. I still think there is new lows coming but perhaps leg up first. Potential falling wedge here present on the 4hr. If valid we could see break sooner than later,” she explained.
A $50,000 Bitcoin Price; How Likely is a 13-Digit Market Cap?
Friday January 17, 2020
Bitcoin started 2020 in fine form. The BTC price opened the year at around $7,185 and, at the time of writing, sits just shy of $8,900. With the leading crypto asset posting consistent gains...
The post A $50,000 Bitcoin Price; How Likely is a 13-Digit Market Cap? appeared first on 12bitplay - Bitcoin Play.
Been ranging this week but expecting action this upcoming week I still think there is new lows coming but perhaps leg up first
Potential falling wedge here present on the 4hr. If valid we could see break sooner than later pic.twitter.com/XYRVbIy4ke
— The Cryptomist (@TheCryptomist) October 6, 2019
The Case For Why $6,400 Wasn’t Bitcoin’s Local Downtrend Bottom
Friday January 17, 2020
The cryptocurrency community is currently exploding with exuberance, as Bitcoin may have broken out from its recent downtrend into a full-blown reversal, and the rest of the crypto space has seen altcoins going on...
The post The Case For Why $6,400 Wasn’t Bitcoin’s Local Downtrend Bottom appeared first on 12bitplay - Bitcoin Play.
Analyst: BTC Nears Range Lows as Sellers Build Strength
Mitoshi Kaku, another popular crypto analyst on Twitter, explained in a recent tweet that BTC has been caught within a trading range between $7,900 and $8,250, with a break below its range-low support potentially leading to a period of capitulation.
“Early in the week when I opened the doors of the W&P Group, the system signaled a range for $BTC, that gave us the opportunity for a few nice scalps! It was a long wait since 9/21, but as I always say: It is time to pay attention,” he explained in a recent tweet.
Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent
Wednesday January 22, 2020
Bitcoin reversed after a sharp dip towards the $8,400 support area against the US Dollar. BTC price is now signaling more upsides above $8,800 and $9,000 in the coming sessions. Bitcoin price bounced sharply...
The post Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent appeared first on 12bitplay - Bitcoin Play.
Early in the week when I opened the doors of the W&P Group, the system signaled a range for $BTC, that gave us the opportunity for a few nice scalps! It was a long wait since 9/21, but as I always say: It is time to pay attention". #CryptoIkagi – https://t.co/vIq6PMYg2A pic.twitter.com/Jet1XpgUGp
— Mitoshi Kaku (@CryptoSays) October 6, 2019
The coming days and weeks will likely prove to illuminate how Bitcoin will trend throughout the rest of 2019, as an inability to post any strong bounce in the near-term could spell trouble for the crypto’s mid-term trend.
Featured image from Shutterstock.
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