RATE Group | Bitcoin Faces Potential Drop to $7,000 as Sellers Grow Aggressive
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Bitcoin Faces Potential Drop to $7,000 as Sellers Grow Aggressive

20 Oct Bitcoin Faces Potential Drop to $7,000 as Sellers Grow Aggressive

Posted at 21:46h in Bitcoin News by

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Bitcoin (BTC) has continued to trade sideways around $8,000 after recovering slightly from its recent drop to the upper-$7,000 region, but its bulls have failed to garner any notable upwards momentum following this slight recovery, which may spell trouble for its near-term price action.

Analysts are now noting that Bitcoin’s “bedrock” support in the near-term currently exists around $7,000, and the aggressive selling that the crypto has incurred in recent times may mean that a visit to this level is imminent in the near-future.

Bitcoin Consolidates Around $8,000 Amidst Quiet Sunday Trading Session

At the time of writing, Bitcoin is trading down nominally at its current price of $8,040, which marks a slight recovery from its recent lows of $7,900 that were set earlier this week.

It is important to note that the upper-$7,000 region has proven to be a strong level of support for the past several days and weeks, but BTC’s bulls have failed to post any notable extension of the…

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