Bitcoin Price Heads to $8,000 as Bears Remain in Full Control

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For those few people who still doubted the situation, things are not looking all that great for the Bitcoin price right now. Late last week, it seemed as if $10,000 per BTC would effectively be achievable bar some resistance. Sadly, things have taken a turn for the worse, as the Bitcoin price dipped to $9,055 once again. A bleak outlook for the world’s leading cryptocurrency, but things can still turn around.

Bitcoin Price Struggles Worsen

It has become rather apparent we will not see a new Bitcoin price all-time anytime soon. In fact, that new all-time high seems further away every single day, as things continue to look bleaker every week. As of right now, the biggest concern is whether or not the Bitcoin price can still above $9,000, albeit it seems the world’s leading cryptocurrency is fighting a losing battle on that end.

More specifically, the Bitcoin price took a nasty stumble this morning and it has not recovered in the slightest. With the value dropping from $9,800 all the way to $9,200 in three hours, it is evident the volatility is returning in full force. Things got even worse when the value dipped to $8,973, even thought hat dip was bought pretty quickly. Right now, it seems dipping below $9,000 will happen pretty soon, although it may not necessarily happen as of today.

Whether or not things will improve for the Bitcoin price, remains to be determined. The most recent 8% price drop has a lot of investors spooked yet again, and it seems there may be even bigger losses on the horizon. Assuming this downtrend continues, we may very well see a Bitcoin price closer to $8,000 rather than $10,000 before this day is over.

Even though Bitcoin still has nearly $6.75bn in 24-hour trading volume, the bears have taken control of the market yet again. It is not the first time this year we see these bearish trends materialize out of the blue, nor will it be the last either. The current cryptocurrency market seems destined to remain bearish for quite some time to come, even though all of these valuations may very well explode sooner rather than later.

As of right now, Bitfinex is the largest exchange by Bitcoin trading volume. They are followed by Binance and OKEx, both of which have USDT markets. bitFlyer and Bithumb complete the top five, giving us an interesting mix of USD, JPY, KRW, and USDT trading altogether. Unfortunately, it seems none of these markets are effectively capable of stemming the negative Bitcoin price tide right now, but it remains to be seen how things play out in this regard.

Anyone who wants the Bitcoin price to succeed may want to look away from the charts for quite some to come. This current downtrend is far from over, as it has controlled the market for nearly three full months now. Whether or not this situation an even be reversed, is a tough question to answer as of right now. Anything is possible in the world of cryptocurrency, but this current trend doesn’t look all that appealing to investors whatsoever.

Original Article – themerkle.com

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