Bitcoin to Target Lower-$8,000 Region Before Next Rally Kicks Off

Bitcoin has once again dropped down to its near-term support level after a brief attempt from BTC’s bulls to push to crypto back above its previously established support level at $8,700, which appears to have flipped into a resistance level in the time since it broke below this level.

Analysts are now noting that Bitcoin may soon set fresh multi-day lows before gaining enough buying pressure to surge higher.

Bitcoin Rejected at $8,700 as Bulls Fail to Garner Significant Strength

At the time of writing, Bitcoin is trading down roughly 1% at its current price of $8,540, which marks a retrace from its daily highs of nearly $8,700 that were set yesterday.

Yesterday’s brief upwards movement proved to be fleeting in spite of the apparent strength that bulls had been building, and their inability to push the cryptocurrency higher may point to an underlying weakness that could lead the crypto’s bears to take firm control of its near-term price action.

This recent price action also…