Bitcoin still vulnerable to further losses despite current stability, here's what analysts think

by



[ad_1]

Bitcoin and the aggregated cryptography markets are currently emerging from a period of high volatility that seems to have put the upward momentum of all the recently established markets at risk. However, since it has experienced significant selling pressure in the past two days, Bitcoin (BTC) has been able to stabilize in the region above USD 7,000.

Despite this short-term stability, analysts believe Bitcoin remains vulnerable to further losses in the near future.

Bitcoin (BTC) slows the descent after finding support of about $ 7,500

At the time of writing, Bitcoin is trading at around 4% at its current price of $ 7,683, but is still slightly higher than the daily low of $ 7,500 in the region. currency found support was triggered a few days ago.

Although Bitcoin did not exert any sales pressure large enough to cause a linear decline, it has been slowly declining since then, reaching $ 9,000 before suffering enough sales pressure to undermine its bullish momentum.

In its current state, BTC can be described as fragile, as any significant increase in sales pressure could snowball and cause further losses.

Despite this, the last drop may have simply resulted from the previously formed bearish technical training, which could mean that crypto will again test its notable resistance level around $ 8,500 again.

Big Cheds, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, saying:

"$ BTC #Bitcoin – This drop to $ 7,500 solved this bearish divergence (from $ 8,700) and now the slope of the OBV price is comparable. If you believe in the rising divide, then there is no reason why it can not go back and your application is rejected at $ 8,500. "

Analyst: BTC still vulnerable to significant additional losses

Even if they find support around its current price levels, analysts are quick to note that Bitcoin could continue to fall before reaching a price offering sufficient buying pressure to raise its price skyrocketing.

Alex Krüger, a popular economist on Twitter who is primarily interested in crypto-currencies, has shared his thoughts with the BTC in a recent tweet, noting that he would be ready for a hike there. could exceed $ 8,000, but it could go down first.

"$ BTC remains vulnerable. Long times above $ 7900 – $ 8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by price action, moving averages (50DMA) and lies (maxima from December to 2019). 6400 is the bull market, "he explained.

As the week continues and as Bitcoin's price action continues, it's not unlikely that traders and analysts will soon have a better idea of ​​whether BTC is still in an uptrend or if it enters a period of consolidation.

Selected image of Shutterstock.



[ad_2]

Source link