Sorry bull, the Bitcoin ball (BTC) is back on the bears court. At the time of writing this article, the price of major cryptocurrencies has increased to just over $ 8,000, taking advantage of this key price point in a decrease of approximately 5%. Buyers have begun to move forward, even modestly, making BTC return to $ 8,100.
Bitcoin is ready for more pain as price taps $8,000
At the end of last month, the price of Bitcoin increased by 42% over a 24-hour period. It reaching an astonishing turn of events from $ 7,200 to $ 10,500. While the movement was undoubtedly fast, the movement has not done much to stop bleeding from the cryptocurrency market, which has been going on for months. Case in point, the low $ 8,000 has been reviewed again.
And analysts say this is bad for the short-term future of the cryptocurrency market.
The Byzantine general trader points out that the movement is painful, as it pushes BTC below the main horizontal support of $ 8,300. Which many said was a breaking point for this market. Therefore, he concluded that he believes it would make sense for cryptocurrencies to visit the lowest lows of $ 7,000. Which marks a 15% drop from current price levels.
The Crypto ISO trader echoed this, noting that the recent decline has led Bitcoin to a macro trend line that has been relevant for months. A step below that level would be an opportunity to restore promotion.
[…] BTC’s inability to publish a strong buoyancy at $8,000 towards the underlying weakness among cryptocurrency buyers may […]
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