Yesterday, with Bitcoin falling below $ 9,000, analysts began to give bear market signals...
Leading cryptocurrency Bitcoin has gone on a big downward trend in the past 24 hours, losing the support it saw at $ 9,500 and falling below $ 9,000. At the time of publication, BTC was trading at $ 8,713.
Retreat Could Deepen
Bitcoin looks likely to see lower levels in the long term, according to analysts. Many analysts say more dip levels could be seen before the level of support at which Bitcoin will capture its next upward momentum.
Aside from that, there are few indications that Bitcoin's decline will continue. That suggests the leading cryptocurrency could move to year lows.
Bitcoin, on the other hand, has fallen more than 6% in the past 24 hours, with the price falling as low as $ 8,590. BTC on Sunday briefly saw over $ 10,000. However, due to intense sales pressure, it was unable to find support at this level and the decline began.
DonAlt, a well-known cryptocurrency analyst on Twitter, explained in a tweet he shared that BTC was approaching several strong levels of support. But it will still continue to decline until roughly the price reaches $ 8,000, the analyst said.:
BTC update: as we approach interesting areas, this level is not the worst place to gain a bit and I could close in on a quarter of that weekly support. The rest is still roughly $ 8,000.
Aside from the bear market technical signals that are seen as really obvious, analysts refer to open positions at BTC and high funding situations.
Mac, a renowned crypto investor, said in his remarks that BTC's open positions, key factors and high funding were worse than seen in October 2018, adding, “After all this, $ 6,000 may not be the lowest level. Open positions (OI),key factors (basis) and funding are in worse shape than they were in October 2018."he explained.