Earlier this week, Bitcoin had a dark rejection at $9,000. As a result, Bitcoin’s price shows some noticeable signs of weakness.
This rejection has led the crypto to lay another “lower high”. It further strengthens the bear case and Bitcoin is now prone to having a further near-term downside.
One analyst is saying that he expects Bitcoin to push slightly higher as bulls try to regain their strength. Furthermore, he believes that from here, it will see another rejection that will make it go lower, leading it into the $8000 region.
He is not alone with this belief. Another remarkable trader recently said that the benchmark digital asset is far weaker now than it was when it was previously trading from $9,000 to $9,300.
This depicts Bitcoin has a tendency to break below the lower boundary of this range. Moreover, it will see major near-term losses.
Bitcoin Shows signs of weakness as it reenters long-established Trading Range
Bitcoin is now trading down just under 1% and its current price is $9,170.
Yesterday, Bitcoin buyers were trying to hold its price above $9,200. However, the support found here has since degraded.
It now seems that Bitcoin is set to have a further downside. Moreover, it will be slowly inching lower as buyers fail to draw up any major support.
Now, it is back within the trading range that has been established throughout the past couple of weeks. Its response to its support at $9,000 and its resistance at $9,300 will decide where it will trend next.
An analyst recently explained on twitter that this trading range is far weaker now if it will be compared to what it was before the failed breakout and before it was rejected at $9,500.
Accordingly, Bitcoin has the tendency to slide below its lower boundary and have major losses in the coming days and weeks.
One Potential Path Forward for Bitcoin
A notable analyst recently said that he expects Bitcoin bulls to try to drum up further support in the near-term. Moreover, he said it will potentially cause Bitcoin’s price to slightly rise. He added that it will be likely followed by a sharp rejection that will send it to reeling lower.