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Bitcoin price region to watch in the near-term sits at $8,140, which could mean that a decline to this price is imminent in near-term

Bitcoin price has faced massive turmoil throughout the past several days, as seller pressure dragged it to as low as $ 9,900 this morning after an enthusiastic defense of the region above $ 9,900 yesterday. For now, it looks like Bitcoin is still at risk of further declines in the short term, as multiple attempts to break down of its $ 10,000 support level seem to indicate that the bears are building momentum.

Bitcoin price has been facing immense turbulence throughout the past several days

At press time, Bitcoin is trading around $ 10,507, up slightly by nearly 2% over the past 24 hours. The key price zone to watch lately is $ 8,140 – meaning there could be a decline to this level imminent.

Earlier today, sellers sparked a robust bearish movement that sent Bitcoin reeling to lows of $ 9,900. However, the decline to this level was short-lived, and the bulls quickly rallied and prevented it from any further losses.

While $ 10,000 is a healthy level of support, multiple drops below this level suggest that Bitcoin bears are testing the waters and maybe drawing support for another significant drop in price.

SalsaTekila trader explains as follows:

“Here’s my BTC TA: 1) Neck-line 11’260$, bearish until reclaim and hold above. 2) 8’140$ area = yearly pivot, I’d look for buys. Stocks have been a driving factor: markets correlated during crashes, keep an eye on what legacy markets are doing.”

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Meanwhile, analyst TraderSZ explains that he is tracking a move down to Bitcoin’s mid-range support at $ 8,000 if it breaks below $ 10,000 – which corroborates the analysis mentioned above.

How Bitcoin reacts to $ 10,000 over the next few days will provide insight into its short-term outlook.

What’s next for Bitcoin in the coming days?

Bitcoin may be primed to retest $11,000 in the days ahead, according to crypto trader Coiner-Yadox.

He shared this chart showing his opinion:

“OK, here would be my perfect $btc scenario for the next days. SFP 61.8% pattern, end of dump, maybe form something like a 4hr bull div (so a 4hr lower close between 10130 & 9970, higher low RSI). Bounce. Go take those highs /stops. Continuation of dump next week. Let’s see what happen?”

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The bounce that the analyst Byzantine General is expecting is likely, a number of indicators suggest. We’ve already seen a bit of a bounce, but more is likely to come.

For one, Bitcoin is extremely oversold as per the Relative Strength Index:

“Alright, stopped out on both $BTC & $ETH trades (of course). I think this is just one of those times when I have to admit defeat. By the way: the RSI hasn’t been this oversold since the black swan crash. Crazy stuff.”

Legacy markets have bounced as well, with the U.S. dollar losing momentum once again. This means that Bitcoin may have room to extend to the upside.

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