Bitcoin has seen strong weakness today after trading in the upper $ 9,000 region yesterday.
The recent surge in the rally led him to highs of $ 9,800. At this level, he saw significant selling pressure that caused his price to gradually drop.
The continuation of the downward momentum that has occurred here seems to indicate that further weakness is imminent in the coming days and weeks.
A popular analyst is now noting that he believes long-standing sideways cryptocurrency trading is quickly coming to an end.
He claims that BTC will plunge toward the center of the $ 8,000 region before finding strong support that will slow its descent.
However, other analysts find that the medium-term trend of the benchmark digital asset remains unchanged until it drops below $ 9,200.
Bitcoin shows signs of weakness after the recent rejection at $ 9,800
Earlier this week, Bitcoin faced a firm rejection of $ 9,800, which led it to drop to a low of $ 9,600.
From that point on, the crypto traded sideways for an extended period of time, trying to get a clear impulse in both directions.
Since then, it has lost this stability and has dropped, indicating an underlying weakness among cryptocurrency buyers.
At the time of writing, Bitcoin is trading at over 3% at its current price of $ 9,300. The region of $ 9,000 to $ 9,400 has been strong support, but it is unclear whether this region will remain strong in the coming hours and days.
An analyst recently explained that he is closely watching how BTC responds to its short-term key support at $ 9,260 to see where it might go next.
He adds that this recent rejection at $ 9,800 makes him think it will continue to decline in the short term.
“The $ 9,260 range remains an important level for Bitcoin, especially in higher periods. A rise to $ 9,800 from $ 9,138 just to bring the price back down to $ 9,200 makes me think that we will continue to go down. Will be a short scalping until proven otherwise, ”he said.
Image Courtesy of Josh Rager. Chart via TradingView
Top Trader: BTC is likely to see a violent end to the multi-week consolidation phase
There seems to be a general consensus among analysts that Bitcoin can expect further downward moves.
A top pseudonym dealer explained In a recent tweet, he believes crypto sideways trading is nearing completion.
His downward target is currently $ 8,600.
"While I have enjoyed sideways to enjoy life for the past two weeks, I think it's time to get moving again. Overall, we are still trading in a trading range that had a false breakout which resulted in a downward movement, making shorts overall more attractive than longs, ”he said.
Image Courtesy of DonAlt. Chart via TradingView
Featured image from Shutterstock. Chart from TradingView.