RATE Group | Miners May Be Perpetuating Bitcoin Volatility as Analysts Anticipate Significant Drop
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Miners May Be Perpetuating Bitcoin Volatility as Analysts Anticipate Significant Drop

Miners May Be Perpetuating Bitcoin Volatility as Analysts Anticipate Significant Drop

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After finding some stability following its bullish upwards movement earlier this week, Bitcoin’s momentum has faltered and is showing bearish signs that may point to an underlying weakness amongst BTC’s bulls.

Analysts are now noting that they anticipate a significant downwards movement for Bitcoin in the near-term and are also noting that there may be an unlikely suspect that will perpetuate any volatility seen throughout the aggregated crypto markets.

Bitcoin Retraces Towards $8,300 as Bears Gain the Upper Hand

At the time of writing, Bitcoin is trading down just over 1.5% at its current price of $8,370, which marks a notable drop from its daily highs of nearly $8,800.

Just prior to the downturn that occurred overnight, Bitcoin’s bulls rapidly pushed it to its daily highs around $8,800, which appears to be a notable level of resistance that shifted the short-term trend to the bear’s favor.

It remains unclear if the support that was built within the lower-$8,000 region will be…

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