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.
https://twitter.com/thecryptomist/status/1180820980362559488
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.
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
— Joe Mitoshi 🧑🚀 (@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.
