RATE Group | Analysts Target $6,200 as Bitcoin Faces Bearish Technicals
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Analysts Target $6,200 as Bitcoin Faces Bearish Technicals

18 Oct Analysts Target $6,200 as Bitcoin Faces Bearish Technicals

Posted at 22:46h in Bitcoin News by

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After a short period of upwards momentum earlier this week that appeared to be bull’s attempt to bolster Bitcoin’s price action, bears have once again gained the upper hand and have now pushed BTC’s price decisively below $8,000.

One prominent technical analyst is now noting that he believes this latest movement downwards points to the possibility that a movement towards the lower-$6,000 region is imminent, which may be further validated by multiple bearish technical formations that crypto is currently expressing.

Bitcoin Plummets Below $8,000 as Bears Roar

At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,960, which marks a notable retrace from its daily highs of nearly $8,200 that were set yesterday.

Although BTC had long found noteworthy support around the lower-$8,000 region, its inability to garner any upwards momentum during its time in this region was a bearish sign that elucidated that bulls were incurring were losing their strength.

In…

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