Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why

As News BTC reports, “Bitcoin bears have continued to flex their muscles into Monday morning. After closing the week at a massive loss, with BTC posting its worst performance since November 2018’s capitulation event, bulls failed to make their presence known.

“As of the time of writing this, the Bitcoin price has started to collapse yet again, falling as low as $7,700 after trending above $8,000 for days on end. This latest collapse, analysts say, are putting the cryptocurrency market in a precarious position — a position that perhaps may precede yet another precipitous plunge.

“Ouch. Over the past 24 hours, Bitcoin has shed 4%, with bears taking control once again.

“According to analyst Data Dater, this recent downturn has seen Bitcoin’s latest descending triangle chart formation break down on the one-hour chart. The measured move of this triangle is -10%, meaning that Bitcoin could sink as low as $7,000 before establishing yet another range.

“Prominent analyst Cantering Clark has echoed this short-term cynicism, calling for a move to the ‘lows of May-June’, which are in the low-$7,000s.  While he did admit that BitMEX position funding marginally favors bulls, Bitcoin is looking poised to see a further price collapse due to a number of factors.

“This, he claimed, includes a lack of extreme negative funding, ‘increasingly negative delta at range support’, a perceived exhaustion in buying support, and large volume imbalances all implying that Bitcoin has a bearish skew heading into coming daily trading sessions…”

Continue to view the full story at News BTC.

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