- Bitcoin faced rejection at the $7,500 and drops lower
- Bitcoin is likely to break below the $7k support level – HornHairs
- Bitcoin drags the altcoin market along
Bitcoin News Today – Bitcoin (BTC) has shown several signs of bullishness over the past few days and weeks. All the attempts over the past week have resulted in a strong rejection that caused the price of BTC to retrace its gains. BTC saw a similar pattern today when it surged to highs of about $7,500 before incurring a sharp and strong rejection.
The rejection has paved the way for more losses for BTC. According to some analysts, the price of Bitcoin might once again plunge towards the $7k level.
Bitcoin Drops towards $7k after Rejection at $7,500
At press time, Bitcoin (BTC) is changing hands at $7,211 after a decrease of about one percent over the past twenty-four hours. This marks a considerable decline from its daily highs of about $7,500 that was set as an intraday high of the rally that incurred earlier today. The rejection that came as a result of this rally suggests an underlying weakness amongst the bulls of Bitcoin. It may also signal that the digital currency might incur more losses in the short-term.
Bitcoin (BTC) Price Today – BTC / USD
The bearishness of Bitcoin (BTC) is further revealed while looking at the pattern of all the rallies accompanied by strong rejections over the past few days. Its rally up to $7,700 during the weekend is one example of a bullish move accompanied by a retrace.
Further Losses Are Imminent
A very popular digital currency analyst on Twitter – HornHairs – recently talked about the latest rejection in a recent tweet. In a tweet, the crypto analyst told his followers that the strong rejection, bearish divergence, and the fact that a few days before the expiration of CME futures result in negative price action, all point to the chances that more losses are imminent. The crypto analyst said:
“$BTC short: Bear div coupled with a hard rejection after a sweep… Think we see some downside from here. Also of note, 70% of days before CME expiration dates have been negative.”
It is likely that the world’s most dominant digital currency will find continued support below the $7k zone in the short-term. Nevertheless, it is not clear yet whether or not the recent arrays of rejections the digital currency has experienced will be enough to push the price of the digital currency below that level.
Bitcoin is not the only coin experiencing rejections at the moment. Other digital currencies such as Ethereum (ETH), XRP (XRP), Litecoin (LTC), Binance Coin, and Tron (TRX) are also in the red at press time.