RATE Group | Bitcoin Could Soon Incur Major Volatility as Bears Gain Upper Hand
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Bitcoin Could Soon Incur Major Volatility as Bears Gain Upper Hand

14 Oct Bitcoin Could Soon Incur Major Volatility as Bears Gain Upper Hand

Posted at 19:26h in Bitcoin News by

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Bitcoin (BTC) has failed to garner any significant buying pressure after facing a sharp influx of selling pressure yesterday that sent it reeling to the lower-$8,000 region – which is where it was able to find enough support to halt its drop and stabilize its price.

Analysts are now noting that multiple indicators signal that the crypto is positioned to incur notable volatility in the near-term, which could mean that the direction that BTC will trend for the coming few months will soon grow clear.

Bitcoin Drops Towards $8,300; Is a Big Movement Inbound?

At the time of writing, Bitcoin is trading down just over 1% at its current price of $8,300, which marks a notable retrace from its recent highs of $8,900 that were set last week when BTC’s bulls quickly pushed the crypto towards this price level, which is where it found significant resistance that sparked a short-term downtrend.

This downtrend was perpetuated yesterday when bears quickly pulled the rug out from beneath BTC and sent it…

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