After a short period of upwards momentum earlier this week that appeared to be bull\u2019s attempt to bolster Bitcoin\u2019s price action, bears have once again gained the upper hand and have now pushed BTC\u2019s price decisively below $8,000.<\/p>\n
One prominent technical analyst is now noting that he believes this latest movement downwards points to the possibility that a movement towards the lower-$6,000 region is imminent, which may be further validated by multiple bearish technical formations that crypto is currently expressing.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down roughly 2% at its current price<\/a> of $7,960, which marks a notable retrace from its daily highs of nearly $8,200 that were set yesterday.<\/p>\n Although BTC had long found noteworthy support around the lower-$8,000 region, its inability to garner any upwards momentum during its time in this region was a bearish sign that elucidated that bulls were incurring were losing their strength.<\/p>\n In the near-term, it is important to note that Bitcoin<\/a> is highly likely to incur further bearishness as it faces weak technical strength.<\/p>\n Josh Olszewicz, a popular crypto analyst on Twitter, explained in a tweet that the latest drop was sparked when it was denied at its 200-day EMA, and that a daily death cross is close to forming.<\/p>\n \u201c4h $BTC – still in 3+ week range – straight down since denial at 200DEMA – daily death cross soon – daily bbands tight & rdy to expand down – unconfirmed bull div here,\u201d he said.<\/p><\/blockquote>\n 4h $BTC<\/a><\/p>\n – still in 3+ week range — #333kByJuly2025 (@CarpeNoctom) October 18, 2019<\/a><\/p><\/blockquote>\n\n
– straight down since denial at 200DEMA
– daily death cross soon
– daily bbands tight & rdy to expand down
– unconfirmed bull div here pic.twitter.com\/liNAIVflv0<\/a><\/p>\n