{"id":424762,"date":"2020-05-21T22:00:17","date_gmt":"2020-05-21T22:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=424762"},"modified":"2024-06-11T13:49:10","modified_gmt":"2024-06-11T13:49:10","slug":"bitcoin-reaches-inflection-point","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-reaches-inflection-point\/","title":{"rendered":"Bitcoin Reaches an Inflection Point as Fresh Selling Pressure Emerges"},"content":{"rendered":"
Bitcoin has seen some immense selling pressure today that has led it down to its key support at $9,000. The crypto is now flashing some signs of growing weakness as it continues struggling to post any decisive bounce at this level.<\/p>\n
This has led analysts to note that the cryptocurrency\u2019s selling pressure is \u201cback in full force\u201d \u2013 and it could be enough to spark a mid-term downtrend due to BTC currently being at an inflection point.<\/p>\n
Bitcoin is also presently at risk of breaking below its middle Bollinger Band support level for the first time in over a month.<\/p>\n
A sustained decline beneath this level could be enough to send the crypto reeling significantly further in the days and weeks ahead.<\/p>\n
After an extended period of range-bound trading within the mid-$9,000 region, Bitcoin<\/a> is now in jeopardy of seeing further losses.<\/p>\n At the time of writing, Bitcoin is trading down over 5% at its current price of $9,100. This marks a notable decline from recent highs of over $9,800 that were set yesterday morning.<\/p>\n The cryptocurrency\u2019s ongoing dip was triggered by a news-induced selloff that came about when a Satoshi-era wallet from 2009 moved 50 BTC that had been dormant for a decade.<\/p>\n This led BTC to decline<\/a> to lows of $9,300 yesterday before bouncing back into the $9,500 region.<\/p>\n Although it appears that this was an overreaction to the news, the technical damage caused by this movement has been enough to spark a potential downtrend.<\/p>\n This could be further perpetuated by the multiple rejections that it has seen at $10,000 throughout the past several days and weeks.<\/p>\n One popular pseudonymous trader on Twitter explained<\/a> that this marks an inflection point for the cryptocurrency, and it is now positioned to see further losses as \u201cbuy the dip season\u201d comes to an end.<\/p>\n \u201cSell pressure is back in full force. Buy the dip season is over. Inflection points. Swing shorts and scalping from here on out,\u201d he noted.<\/p><\/blockquote>\n This decline has led Bitcoin<\/a>\u00a0to a key support level that has only been briefly dipped below on one occasion throughout the past month.<\/p>\n BTC\u2019s middle support level within its Bollinger Band formation has been helping the cryptocurrency climb higher in recent times, with sellers only pushing the crypto below this level for a brief instance in late-April.<\/p>\n Another popular analyst spoke about<\/a> the ongoing break below this level in a recent tweet<\/a>, offering a chart showing that a decline to its lower band boundary could lead it towards $8,000.<\/p>\n \u201cBTC – flirting with loosing middle BB support for the first time in exactly 1 month.\u201d<\/p><\/blockquote>\nBTC Reaches Key Technical Support Level as Technical Structure Degrades<\/strong><\/h2>\n