Analysts Anticipate Further Bitcoin Downside Despite Overnight Surge

After briefly dipping into the $7,000 region yesterday, Bitcoin (BTC) has once again been able to maintain this region as a strong level of support, as it has now climbed back to $8,100 during a strong move that followed its drop to lows of just under $7,900.

Analysts are now noting that bears are still in control of Bitcoin, which could point to the possibility that it will incur significantly further downwards pressure in the near-term before it is able to find enough support to spark the next noteworthy uptrend.

Bitcoin Climbs Back Above $8,000 as Bulls Fight Back

At the time of writing, Bitcoin is trading up just under 2% at its current price of $8,150, which marks a slight climb from its daily lows of under $7,900 which were set yesterday after BTC lost its foothold above its previous key support level at $8,200.

Bitcoin has been caught in a tight trading range between roughly $7,800 and $8,300 for the past several days, and its latest price action appears to further confirm the…