Bitcoin price and the aggregated crypto market are flashing some major signs of weakness
Bitcoin price doesn’t seem to be in a good position because bears are currently trying to push it below the long-term support at $ 9,000. This comes just a week after Bitcoin posted two consecutive declines at $ 9,400.
The inability to push higher along with the selling pressure caused Bitcoin price to be unstable
Bitcoin and the cryptocurrency market are showing some significant signs of weakness. After making a lot of effort to climb to the top of its long-held trading range, Bitcoin has faced multiple rejections at $ 9,400 that halted its momentum.
During that time, altcoins have been able to achieve remarkable gains throughout the days and weeks, with significant Bitcoin outperforming. Regarding the possible market trend, analysts note that the technical structure of the cryptocurrency indicates that an imminent drawback.
At press time, Bitcoin is trading at just over 1% with the current price of $ 9,123, which marks a noticeable decline from its daily high of $ 9,250. Previously it was able to find strong support at $ 9,200, but the buying pressure here has evaporated. The case where the next cryptocurrency trend may depend primarily on whether the buyer protects $ 9,000 or not.
Although this is an important level of support, it is important to note that it has been broken many times during the past few months. However, each break below it was proven to be fleeting and then moved back to the range.
According to analyst Jonny Moe, he is expecting the next price cut will be more decisive than previously seen.
“The deeper we get into this BTC semi-slanted descending triangle-like thing the more likely I think it breaks to the downside. Usually the deeper we go into the nose of shapes like this the more often we see it break down. Bullish breakouts are more often 2/3-3/4 full.”
Jonny Moe Chart via TradingView
On where Bitcoin might go next, an analyst explained that he was watching $ 8,600.
“BTC HTF Update: This seems to be the real deal and it currently seems as though a close below this support is going to happen on the daily, $9000 really has to show some strength… Honestly, I have a feeling as though $8600 is incoming.”
$BTC HTF Update
This seems to be the real deal and it currently seems as though a close below this support is going to happen on the daily, $9000 really has to show some strength…
Honestly, I have a feeling as though $8600 is incoming. pic.twitter.com/yRz7UjftcS
— Cactus (@TheCryptoCactus) July 16, 2020
If BTC loses $ 9,000 and struggles to find strong buying pressure at $ 8,600, this subsequent decline could mark the beginning of a sweeping bear market.
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