RATE Group | Analysts Expect Further Losses as Bitcoin Forms EMA Bear Cross
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Analysts Expect Further Losses as Bitcoin Forms EMA Bear Cross

12 Nov Analysts Expect Further Losses as Bitcoin Forms EMA Bear Cross

Posted at 23:56h in Bitcoin News by

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Bitcoin (BTC) has continued inching lower following its recent bearish break below $9,000, which points to the possibility that bears are building strength as bulls fail to propel the crypto while it trades just a hair above its key near-term support level.

Analysts are now noting that Bitcoin may soon incur further losses as it nears the completion of a bearish EMA cross, which may mean that a movement to the lower-$8,000 region is imminent.

Bitcoin Sits Upon Key Support Level as Bears Build Strength

At the time of writing, Bitcoin is trading down marginally at its current price of $8,740, which marks a notable drop from its daily highs of $8,900 that were set overnight when bulls attempted to propel the crypto back to $9,000.

The swift rejection that came about following this overnight movement points to the fact that bears currently have an upper hand over bulls and may signal that further downside is imminent for BTC.

In the near-term, analysts anticipate this bearishness to lead

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