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Bitcoin could face aggressive sell-offs in the coming weeks
Jul 1, 2020 Forex News
Bitcoin trading in the area of $9200, low trading volumes and record weak volatility threaten the further rise in the price of Bitcoin. Price fluctuations become minimal, so traders are not ready to open orders in any direction. Analysts predict an active sale of Bitcoin in the coming weeks, which could lower the price of Bitcoin to the $8500 area.
Source: barchart.com
Analysts suggest that the bearish correction of Bitcoin could expand to $8500 or even lower. Price highs are getting lower, showing a downtrend on the daily chart. As shown in the graph above, each of the local Bitcoin rollback levels showed the inability of traders to enter money into the market. This provoked a bullish conflict in the market.
A decrease in the price of Bitcoin below $8200 may provoke a further decrease in the price of Bitcoin to the area of $7000. If Bitcoin can hold above $8500, it will be able to return to the $10000 area.
An analyst from Brave New Coin, Josh Olshevich, demonstrated the weakening of the bullish momentum using the Cloud Ichimoku indicator.
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