Bitcoin to See a “Golden” Short Opportunity if it Taps This Level

Bitcoin’s intense selloff has slowed over the past 24-hours, with bulls garnering some notable buying pressure within the lower-$8,000 region, subsequently leading BTC to enter a short-term bout of consolidation around $8,600.

Although bulls have shown some signs of strength during this latest leg down, it is important to keep in mind that its price action over the past week has been bear-favoring, and its deep retrace from its yearly highs seems to suggest its bullish market structure may have been invalidated.

Now, top analysts are noting that an incredibly strong resistance level that exists just a hair above BTC’s current price region may be enough to spark a major selloff.

Bitcoin Consolidates as Analysts Eye Multiple Key Levels

At the time of writing, Bitcoin is trading down nominally at its current price of $8,660, which is around where it has been trading at for the past 24-hours.

The cryptocurrency’s ongoing selloff first began last Sunday when it ran to highs of $10,000…