Bitcoin Faces a Possible Fall to $7,000 as Sellers Become Aggressive

Bitcoin (BTC) has continued trading sideways around $8,000 after recovering slightly from its recent fall to the upper region of $7,000, but its bulls have failed to obtain a notable upward momentum after this slight recovery, which can mean problems For your short term price action.

Analysts now point out that Bitcoin's "base rock" support in the short term currently exists around $ 7,000, and the aggressive sale that cryptography has incurred in recent times may mean that a visit at this level is imminent in the near future.

Bitcoin consolidates around $ 8,000 in the middle of a quiet Sunday trading session

At the time of writing, Bitcoin is trading nominally at its current price of $ 8,040, marking a slight recovery from its recent lows of $ 7,900 that were set earlier this week.

It is important to keep in mind that the upper region of $ 7,000 has proven to be a strong level of support over the past few days and weeks, but BTC bulls have failed to publish any notable extension of the upward momentum that is incurred with each time the cryptography visit this region

DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin's short-term base rock support exists around $ 7,000, which may be the ideal price region for operators to enter positions. long

"$ BTC update: It still doesn't close above $ 8750. It still looks pretty bad. I'm bearish until BTC starts claiming levels instead of being rejected by them. Next resistance: $ 8200. Next support: $7700 Next support I would trust to operate in the long term: $7,000, ”he explained while pointing to the chart below.

BTC faces aggressive selling pressure in recent times

Cantering Clark, another popular cryptocurrency analyst. Who recently noted that the selling pressure faced by cryptography in recent times has been quite significant.

“I continued and highlighted the imbalances between buyers and sellers> 250% $btc. Look how disproportionate the volume of sales in the market is to the volume of purchases. Sometimes 5-10 times more. Negative Delta in a red circle. Positive Delta in a green circle. This is an aggressive ass sale, ”he explained in a recent tweet.
Assuming that this remarkable selling pressure persists. It is possible that Bitcoin will fall lower until it reaches its significant support level at $7,000. Which may be a long-term fund that precedes the next notable run.