Bitcoin (BTC) price dropped to $8,840. The drop came with less than 8 hours left before the weekly close.
A confluence of miners selling more BTC than they mine, Bitcoin recording 6 consecutive lower highs, and the retest of the $8,800 support leaves #BTC vulnerable to a severe pullback.
Six consecutive lower highs since June 2019
As shown on the daily chart, since June 19 Bitcoin has recorded six consecutive lower highs. The price rejected at $14,000, $13,300, $12,300, $10,600, $10,500, and $10,000, making every local top lower than the previous peak.
In technical analysis, lower highs indicate that buyers are failing to establish a new bull cycle. Every time a lower peak is reached, it shows the selling pressure in the market is simply too strong to break out of it.
A clear rejection of the $9,800 to $9,900 range and the projected third test of the $8,800 support level suggest Bitcoin is not ready to initiate a rally above $10,000 just yet.
A confluence of miners selling more BTC than they mine, Bitcoin recording 6 consecutive lower highs, and the retest of the $8,800 support leaves #BTC vulnerable to a severe pullback.
Six consecutive lower highs since June 2019
As shown on the daily chart, since June 19 Bitcoin has recorded six consecutive lower highs. The price rejected at $14,000, $13,300, $12,300, $10,600, $10,500, and $10,000, making every local top lower than the previous peak.
In technical analysis, lower highs indicate that buyers are failing to establish a new bull cycle. Every time a lower peak is reached, it shows the selling pressure in the market is simply too strong to break out of it.
A clear rejection of the $9,800 to $9,900 range and the projected third test of the $8,800 support level suggest Bitcoin is not ready to initiate a rally above $10,000 just yet.