Bitcoin and the aggregated crypto markets have been facing increased volatility as of late, and following a sharp move towards $11,000 yesterday, BTC has been unable to garner any significant buying pressure and has been drifting lower.<\/p>\n
Analysts are now noting that Bitcoin\u2019s bears are ramping up the selling pressure, which could result in a bearish weekly candle close that could spell trouble for the cryptocurrency.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 2% at its current price<\/a> of $10,430, which marks a significant decline from its 24-hour highs of over $11,000 that were set yesterday evening.<\/p>\n Currently, it does appear that BTC is finding some support around $10,400, but it is highly unlikely that the cryptocurrency incurs any significant buying pressure until it drops towards $10,000, which remains a key psychological price level for the crypto.<\/p>\n How Bitcoin ends the day is of critical importance for how it trades in the week ahead, as BTC is about to close its weekly candle.<\/p>\n Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this close in a recent tweet, noting that this selloff is seller\u2019s attempt to form a weak weekly candle for BTC.<\/p>\n \u201c$BTC #Bitcoin 4 hour – Bears stepping up pressure as we head into the week’s close,\u201d he said while referencing the below chart.<\/p><\/blockquote>\n $BTC<\/a> #BItcoin<\/a> 4 hour – Bears stepping up pressure as we head into the week's close pic.twitter.com\/z16TdxCRyr<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) July 21, 2019<\/a><\/p><\/blockquote>\n\n