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Bitcoin’s bulls have lost their strength and allowed bears to push the cryptocurrency under its previous key support level at $8,200, which may signal that significantly further losses are imminent in the near-future as BTC slowly creeps back towards its recently established range lows at $7,800. Analysts are noting that Bitcoin is likely to continue falling until it reaches $7,600 in the near-term, which could mean that significantly further losses are imminent. At the time of writing, Bitcoin is trading down roughly 1.5% at its current price of $8,050, which marks a noteworthy drop from $8,200 – the price at which the crypto had previously found a significant amount of support. In the near-term, it is likely that $8,000 will be a level of support for the cryptocurrency, but it is important to note that analysts are explaining that it is possible that Bitcoin plummets below its recent lows of $7,800 and drops towards its near-term region of support at $7,600. Big Chonis, a popular crypto analyst on Twitter, noted in a recent tweet that he expects BTC to continue dropping in the near-term until it reaches roughly $7,600. “$BTC – where u going #bitcoin,” he said in a recent tweet while pointing to the below chart. $BTC – where u going #bitcoin … pic.twitter.com/K1AjqCacR7 — Big Chonis??Flux Trading Group?? (@BigChonis) October 5, 2019 A failure to post a strong bounce at its recent lows of $7,800 could spell trouble for the cryptocurrency’s near-term price action, but there is a possibility that another visit to this level will spark the next uptrend. Josh Rager, another popular cryptocurrency analyst on Twitter, explained in a tweet that buyer volume has been decreasing significantly as of late, which could be opening the gates for a movement towards the mid-$7,000 region. “$BTC Daily Chart doesn’t look pretty. Bitcoin could be making it’s way down to $7600’s support with breakdown from here. Currently at support, eventually buyers can run out at this level. Buyer volume continues to decrease,” Rager noted. $BTC Daily Chart doesn't look pretty Bitcoin could be making it's way down to $7600's support with breakdown from here Currently at support, eventually buyers can run out at this level Buyer volume continues to decrease pic.twitter.com/E3n9cpY8Ha — Josh Rager ?? (@Josh_Rager) October 5, 2019 How Bitcoin reacts to its near-term support level at $8,000 and subsequently reacts to its recently established range lows at $7,800 will likely set the tone for how the crypto will trend for the rest of 2019.Bitcoin Plummets Towards $8,000 as Bulls Lose Strength
BTC Buyer Volume Decreases, Opening the Gates for Significantly Further Losses
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