{"id":416158,"date":"2020-02-26T23:00:57","date_gmt":"2020-02-26T23:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=416158"},"modified":"2024-06-11T07:48:29","modified_gmt":"2024-06-11T07:48:29","slug":"these-bearish-factors-show-bitcoin-could-see-violent-movement-below-6000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/these-bearish-factors-show-bitcoin-could-see-violent-movement-below-6000\/","title":{"rendered":"These Bearish Factors Show Bitcoin Could See Violent Movement Below $6,000"},"content":{"rendered":"

Bitcoin has seen some incredibly bearish price action over the past 24-hours, with the cryptocurrency losing its support at $9,500 and entering a full-blown downtrend as bears attempt to erase much of BTC\u2019s recent gains.<\/p>\n

It now appears to be increasingly likely that Bitcoin will see some further downside in the near-term, with multiple analysts noting that this retrace may cut deeper before BTC finds enough support to start climbing higher.<\/p>\n

There are a few simple factors, however, that seem to point to the possibility that BTC is about to see significantly further losses, which could send it reeling to fresh year-to-date lows.<\/p>\n

Bitcoin Plummets Below $9,000 as Analysts Eye Multiple Key Support Levels<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down over 6% at its current price<\/a> of $8,770, which marks a notable decline from daily highs within the mid-$9,000 region, and an intense drop from weekly highs of over $10,000.<\/p>\n

The catalyst for the ongoing selloff seems to have been the cryptocurrency\u2019s swift rejection at $10,000 that it faced this past Sunday, which seemed to confirm the bearish market structure that was developing as a result of its flash crash seen exactly one week ago.<\/p>\n

DonAlt, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that BTC is now approaching a few strong support levels, but he still anticipates it to continue declining until it reaches roughly $8,000.<\/p>\n

\u201cBTC update: Falling knife slicing through hands left and right. Approaching interesting areas, this isn’t really the worst place to take some profits and I might close a quarter into this weekly support here. Rest is still headed for roughly 8k,\u201d he explained while pointing to the levels on the below chart.<\/p><\/blockquote>\n

\n

$BTC<\/a> update:<\/p>\n

Falling knife slicing through hands left and right.
Approaching interesting areas, this isn't really the worst place to take some profits and I might close a quarter into this weekly support here.<\/p>\n

Rest is still headed for roughly 8k. pic.twitter.com\/Lgkeniu6ru<\/a><\/p>\n

— DonAlt (@CryptoDonAlt) February 26, 2020<\/a><\/p><\/blockquote>\n