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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why Analysts Expect Bitcoin’s Consolidation to End in a Sharp Decline

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin has been caught within an unrelenting consolidation phase for the past several weeks.

The immense turbulence seen within the equities market did put this bout of sideways trading in jeopardy, but the crypto has since stabilized back within the mid-$9,000 region.

There are several factors, however, that seem to indicate that this long-held trading range will result in a sharp breakdown in the days and weeks ahead.

One such factor would be Bitcoin’s recent dip below a key parabolic trendline that has been guiding its uptrend over the past several months.

BTC has also been struggling to hold above the equilibrium of an intense trading range that it has been caught within.

An analyst is noting that a clean break below this level is likely to take place in the near-term, and it could cause Bitcoin to fall into an intense downtrend that leads it down towards $8,100.

Bitcoin Flashes Signs of Weakness After Breaking Key Trendline

At the time of writing, Bitcoin is trading up marginally at its current price of $9,460. This is the level at which it has been trading at in the time following its recent technical breakdown that sent it reeling from $10,050 to lows of $9,000.

It does appear that this sideways trading may be rooted in the stock market’s recent turbulence.

Investors who still view BTC as a safe-haven asset may be holding out on opening any mid-term positions until the traditional markets establish a clearer trend.

It does appear that a correlation between Bitcoin and the stock market does exist, as BTC’s recent $1,000 drop from the five-figure price region did occur concurrent with a massive plunge seen by the benchmark stock indices.

This decline struck a blow to the crypto’s technical strength, as it caused it to break beneath a multi-month uptrend that had been guiding its recovery from its March lows of $3,800.

“Parabolic uptrend has been broken,” one analyst stated while pointing to the chart seen below.

Unless buyers reclaim this level, the analyst’s chart does indicate that BTC may soon reel towards the $7,000 region.

BTC Could See a Sharp Decline as it Hovers Above Critical Support

Another factor that could cause Bitcoin to see some sharp near-term losses is the fact that it is currently hovering just above its wide trading range’s equilibrium level at $9,200.

One popular trader spoke about this level in a recent tweet, offering a chart showing that the range lows it could visit sit at $8,100.

“BTC: Daily closed right at mid-line today in this range between the top/bottom wick. Currently watching for chop the next 24 hours- and would like to see Bitcoin make its way back up – reclaim over $9800 would be bullish IMO. But I personally think BTC goes to $9600+ then drops.”

Bitcoin

How BTC trends as it heads into its weekly candle close tomorrow should offer investors with valuable insights.

Featured image from Shutterstock.

Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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