Bitcoin’s bulls have lost their strength and allowed bears to push the cryptocurrency under its previous key support level at $8,200, which may signal that significantly further losses are imminent in the near-future as BTC slowly creeps back towards its recently established range lows at $7,800.
Analysts are noting that Bitcoin is likely to continue falling until it reaches $7,600 in the near-term, which could mean that significantly further losses are imminent.
Bitcoin Plummets Towards $8,000 as Bulls Lose Strength
At the time of writing, Bitcoin is trading down roughly 1.5% at its current price of $8,050, which marks a noteworthy drop from $8,200 – the price at which the crypto had previously found a significant amount of support.
In the near-term, it is likely that $8,000 will be a level of support for the cryptocurrency, but it is important to note that analysts are explaining that it is possible that Bitcoin plummets below its recent lows of $7,800 and drops towards its near-term region of support at $7,600.
Big Chonis, a popular crypto analyst on Twitter, noted in a recent tweet that he expects BTC to continue dropping in the near-term until it reaches roughly $7,600.
“$BTC – where u going #bitcoin,” he said in a recent tweet while pointing to the below chart.
$BTC – where u going #bitcoin … pic.twitter.com/K1AjqCacR7
— Big Chonis⚔️Flux Trading Group🚀 (@BigChonis) October 5, 2019
A failure to post a strong bounce at its recent lows of $7,800 could spell trouble for the cryptocurrency’s near-term price action, but there is a possibility that another visit to this level will spark the next uptrend.
BTC Buyer Volume Decreases, Opening the Gates for Significantly Further Losses
Josh Rager, another popular cryptocurrency analyst on Twitter, explained in a tweet that buyer volume has been decreasing significantly as of late, which could be opening the gates for a movement towards the mid-$7,000 region.
“$BTC Daily Chart doesn’t look pretty. Bitcoin could be making it’s way down to $7600’s support with breakdown from here. Currently at support, eventually buyers can run out at this level. Buyer volume continues to decrease,” Rager noted.
$BTC Daily Chart doesn't look pretty
Bitcoin could be making it's way down to $7600's support with breakdown from here
Currently at support, eventually buyers can run out at this level
Buyer volume continues to decrease pic.twitter.com/E3n9cpY8Ha
— Josh Rager 📈 (@Josh_Rager) October 5, 2019
How Bitcoin reacts to its near-term support level at $8,000 and subsequently reacts to its recently established range lows at $7,800 will likely set the tone for how the crypto will trend for the rest of 2019.
Featured image from Shutterstock.
