RATE Group | Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends
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Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends

21 Jul Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends

Posted at 23:06h in Bitcoin News by

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Bitcoin and the aggregated crypto markets have been facing increased volatility as of late, and following a sharp move towards $11,000 yesterday, BTC has been unable to garner any significant buying pressure and has been drifting lower.

Analysts are now noting that Bitcoin’s bears are ramping up the selling pressure, which could result in a bearish weekly candle close that could spell trouble for the cryptocurrency.

Bitcoin Drifts Lower After Sharp Rejection at $11,000 

At the time of writing, Bitcoin is trading down over 2% at its current price of $10,430, which marks a significant decline from its 24-hour highs of over $11,000 that were set yesterday evening.

Currently, it does appear that BTC is finding some support around $10,400, but it is highly unlikely that the cryptocurrency incurs any significant buying pressure until it drops towards $10,000, which remains a key psychological price level for the crypto.

How Bitcoin ends the day is of critical importance for how it trades…

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