Bitcoin price analysis shows that BTC has broken bearish through the psychological $8,000 level, with a -1.19% loss against the US dollar over the last 24 hours. Is this just a temporary correction, or could this be the start of a reversing trend?
Bitcoin price $7770.28 (-1.67%) appeared to be heading towards new heights this morning, after hitting a new 10-month high at $8,388. The celebrations, however, quickly turned to panic as a series of heavy sell-offs unraveled the asset’s price back down to $7,700.
BTC is now heading towards a bearish double top after failing to close above its previous high on May 11, at around $8,327. This will be a major test of faith for BTC buyers, as a fall below $7,700 could spell doom for the asset’s short to mid-term prospects.
Right now, bullish traders are desperately trying to prop up bitcoin’s declining value, and have so far managed to find refuge along with strong uptrend support.
Source: https://bitcoinist.com/bitcoin-btc-price-analysis-bulls-show-weakness-as-btc-slips-below-8k/
As what I said in many of my posts, there is a big probability of a correction after bitcoin reached beyond the $8,000 level and it did happen. I think that this is quite expected...let's take some rest for a while so there will be no overheating and to allow those who are still planning to enter the market the chance that they need. Bitcoin is right now gathering the energy for the next kick-off and this time there is no stopping towards the $10,000 level.
What is your prediction and opinion on this: Will bitcoin made a revenge this time or will it unfortunately go back to the bearish level?