After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.<\/p>\n
One analyst is now noting that Bitcoin may continue dropping until it reaches the $5,000 region, which is where it currently has enough support to bolster its near-term price action and help it surge significantly higher in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $8,400, which is where it has found stability in the time since it plummeted following its attempt to surge towards $9,000 that occurred a couple of days ago.<\/p>\n Bitcoin\u2019s inability to continue surging after it visited its recent lows of $7,800 points to an underlying weakness amongst the cryptocurrency\u2019s bulls, and may signal that it will incur further losses in the near-term until it finds a region of support that has enough buying pressure to spark the next long-term uptrend.<\/p>\n It is important to note that Bitcoin did respond bullishly to an attempt by bears to push the crypto\u2019s price lower last night, which caused it to wick as low as $8,200 before climbing back towards its current prices.<\/p>\n Big Cheds, a popular crypto analyst on Twitter, spoke about this movement as it happened yesterday, concisely noting that the drop was a reaction to the lack of buying pressure within a demand zone.<\/p>\n $BTC<\/a> #Bitcoin<\/a> gone pic.twitter.com\/sw3G6zXYrn<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) October 11, 2019<\/a><\/p><\/blockquote>\n\n