Bitcoin Price is Looking Bearish with Downside to 8,000$ Expected Ahead

Bitcoin Price is Looking Bearish with Downside to 8,000$ Expected Ahead

Bitcoin price is looking bearish right now after completing its successful bull run from 6,500$ in January. The price of bitcoin is now showing signs of weakness and indicating that the price may fall further as the bulls lose more control and showing signs of testing support.

Bitcoin Price Technical Analysis

On the 3 day time-frame, Bitcoin price is looking bearish with RSI movement pointing towards further downside. The 3-day candlestick opened in red with strong price movement and selling pressure. This is highly bearish in nature and is indicating that the price can test downwards of 8,000$ in a short time. It is highly likely that the price is going to test the lower supports in the coming day.

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We can see in the BTC/USD chart that the price had a successful bull run after losing value in January due to the coronavirus response. The bitcoin price railed to 10,000$ but after that entered a high supply zone and after that has shed more than 900$ in value. The bitcoin price on the higher timeframe is set to decrease and test the support levels near the 8,000$ area.

Bitcoin More Trouble Ahead

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On 4hr time-frame, we can see that the price is trending downwards to heavy selling pressure. Further, we can see that the Bitcoin price is hitting the upper bbands and then getting rejected and trending downwards. This is bearish in nature as the price is not able to successfully test the resistance. In a shorter timeframe, the RSI is also showing a continued downward movement.

The outlook for bitcoin is looking bearish ahead and due to this users may want to now hold their money in stablecoins or other defi products to prevent themselves from this reduce in net worth. A lot of cryptocurrencies are gaining momentum but recent study shows that the developer activity has declined on Tron, Eos and other networks as compared to Ethereum.

Photo by Chris Liverani on Unsplash

Read about Smart Contracts: Here.

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