Bitcoin and the aggregated crypto markets have been facing an extension of the significant downwards pressure that they first incurred last weekend when BTC sharply moved to just over $11,000 before it reeled down to its current price levels.<\/p>\n
Now, analysts are noting that Bitcoin has broken through multiple parabolic trend lines that it had formed during the course of its recent bull run, which could signal that significantly further losses are imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down roughly 1% at its current price<\/a> of $9,900 but is down significantly from its daily highs of $10,200 that were set yesterday.<\/p>\n BTC\u2019s one-week price action paints a grim picture for the cryptocurrency<\/a>, as it is currently trading down significantly from its seven-day highs of $11,000 that were set this past weekend, which sparked this latest sell-off.<\/p>\n Bitcoin\u2019s inability to move above $11,000 set a lower high for the cryptocurrency and marks a significant extension of the downwards pressure that was first incurred when its price sharply moved to highs of $13,800 in late-June.<\/p>\n Importantly, analysts do believe that Bitcoin will continue to face further selling pressure in the near-future, with Chonis Trading, a popular cryptocurrency analyst on Twitter, explaining that he believes the crypto could soon drop towards $9,000.<\/p>\n \u201c$BTC A measured move from the completion of this bear flag would take #bitcoin down to $9K area,\u201d he said while referencing the below chart.<\/p><\/blockquote>\n $BTC<\/a> A measured move from the completion of this bear flag would take #bitcoin<\/a> down to $9K area… pic.twitter.com\/k47UBFSMhJ<\/a><\/p>\n — BIG Chonis (@BigChonis) July 24, 2019<\/a><\/p><\/blockquote>\n\n