Bitcoin has been incurring significant volatility over the past several days, which has mostly favored the cryptocurrency\u2019s bulls as BTC has been able to run from lows of $7,300 to highs of $10,600 before settling in the middle of this wide trading range.<\/p>\n
Analysts are now noting that they believe Bitcoin will drop lower in the near-term as bears build strength, which may mean that a movement to its previous range highs of $8,900 is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 1% at its current price<\/a> of $9,350, which marks a notable retrace from its 24-hour highs of just under $10,000 and from its multi-day highs of roughly $10,600.<\/p>\n Although BTC\u2019s recent bearishness may point to an underlying weakness among the cryptocurrency\u2019s bulls, it is important to note that BTC is still trading up significantly from its recent lows of $7,300 that were set just prior to the meteoric upwards movement that was witnessed this past Friday.<\/p>\n HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin is currently showing signs of bearish divergence on its four-hour chart, which comes as it pushes into a long-established resistance region.<\/p>\n \u201c$BTC 4H Price initially rejected upon first test of the 1W OB\/supply zone from early September. 4H bearish div just hit. Wouldn’t be surprised to see a sweep of the low around $8.9k to retest the previous range high & low time frame demand at $8.8k where I would favor longs,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> 4H <\/p>\n Price initially rejected upon first test of the 1W OB\/supply zone from early September. <\/p>\n 4H bearish div just hit. Wouldn't be surprised to see a sweep of the low around $8.9k to retest the previous range high & low time frame demand at $8.8k where I would favor longs. pic.twitter.com\/amlfUe3UpG<\/a><\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) October 28, 2019<\/a><\/p><\/blockquote>\n\n