These Bearish Factors Show Bitcoin Could See Violent Movement Below $6,000

Bitcoin has seen some incredibly bearish price action over the past 24-hours, with the cryptocurrency losing its support at $9,500 and entering a full-blown downtrend as bears attempt to erase much of BTC’s recent gains.

It now appears to be increasingly likely that Bitcoin will see some further downside in the near-term, with multiple analysts noting that this retrace may cut deeper before BTC finds enough support to start climbing higher.

There are a few simple factors, however, that seem to point to the possibility that BTC is about to see significantly further losses, which could send it reeling to fresh year-to-date lows.

Bitcoin Plummets Below $9,000 as Analysts Eye Multiple Key Support Levels 

At the time of writing, Bitcoin is trading down over 6% at its current price of $8,770, which marks a notable decline from daily highs within the mid-$9,000 region, and an intense drop from weekly highs of over $10,000.

The catalyst for the ongoing selloff seems to have been the…