Bitcoin (BTC) and the aggregated crypto markets are currently experiencing a bout of major volatility that appears to have put the upwards momentum that they have incurred over the past several weeks in grave danger.<\/p>\n
Despite this, one analyst is quick to note that Bitcoin is still holding above the upwards parabola that it has been forming throughout the course of its recent uptrend, which \u2013 in combination with several other bullish factors \u2013 may signal that further gains are imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 6% at its current price of just over $8,000, which appears to be a relatively weak level of support.<\/p>\n After BTC<\/a> first incurred a large amount of selling pressure late yesterday, it tumbled from highs of nearly $8,600 to lows of $7,900, where it found some levels of buying pressure that allowed it to climb to its current price levels.<\/p>\n It is important to note that this downwards pressure first began after Bitcoin quickly surged to highs of $9,000 late last week, at which point it faced an insurmountable level of selling pressure that put its upwards momentum<\/a> in jeopardy.<\/p>\n As for where this current bearishness may send Bitcoin next, UB, a popular cryptocurrency analyst on Twitter, explained that he believes BTC may visit the lower $7,000 region in the near future.<\/p>\n \u201c$BTC – Typically when Bitcoin breaks a Series of Higher Lows it retests the Origin of the HL. The Origin of the HL is confluent with Daily Support between $7.2k – $6,975. Looking to short the next bounce and ride it down to Daily Support,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – Typically when Bitcoin breaks a Series of Higher Lows it retests the Origin of the HL. <\/p>\n The Origin of the HL is confluent with Daily Support between $7.2k – $6,975.<\/p>\n Looking to short the next bounce and ride it down to Daily Support. — UB (@CryptoUB) June 4, 2019<\/a><\/p><\/blockquote>\n\n
#Bitcoin<\/a> pic.twitter.com\/zr3noOJvOs<\/a><\/p>\n