Why Expect Bitcoin to Drop In The Near Term?


It has been a relatively quiet day for Bitcon (BTC), and the leading cryptocurrency has surged back to the $ 15,291 level as of writing, after a drop of $ 14,800.

The buying pressure in this decline proved too much for the bears to overcome, and there was a “V-shaped” recovery in Bitcoin. The struggle between BTC buyers and sellers continues in the $ 15,000 zone.

According to a popular analyst, there are signs that negative days are near for Bitcoin, so this trend of stability might not last long.

The Bitcoin and mass cryptocurrency market has been in a quiet trading wave for the past 12 hours, and the bulls and bears have reached a stalemate with BTC consolidation. This current stability came just after yesterday the leading cryptocurrency saw a sharp sell-off quickly absorbed by the bulls.

The direction in which Bitcoin’s trend will depend largely on whether it can hold on to the support zone in the $ 15,000 zone. According to a popular trader, Bitcoin will experience a sharp decline after testing the key resistance level.

To slow down Bitcoin’s uptrend for the past few weeks, the bears failed to provide enough intervention, and every sale was short-lived, followed by new highs.

However, this trend may change as Bitcoin has received a large number of rejections from the $ 16,000 level as it is unlikely that buyers will consistently keep Bitcoin at this level.

If Bitcoin does not break above $ 15,400, it seems likely that BTC will face adverse days.

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