Bitcoin (BTC) has failed to garner any significant buying pressure after facing a sharp influx of selling pressure yesterday that sent it reeling to the lower-$8,000 region \u2013 which is where it was able to find enough support to halt its drop and stabilize its price.<\/p>\n
Analysts are now noting that multiple indicators signal that the crypto is positioned to incur notable volatility in the near-term, which could mean that the direction that BTC will trend for the coming few months will soon grow clear.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just over 1% at its current price<\/a> of $8,300, which marks a notable retrace from its recent highs of $8,900 that were set last week when BTC\u2019s bulls quickly pushed the crypto towards this price level, which is where it found significant resistance that sparked a short-term downtrend.<\/p>\n This downtrend was perpetuated yesterday when bears quickly pulled the rug out from beneath BTC<\/a> and sent it to lows of roughly $8,100 before it rapidly climbed back towards its current price levels.<\/p>\n In the near-term, it is highly probable that Bitcoin and the aggregated crypto markets will soon incur notable volatility, as BTC is currently forming \u201cspinning top candles\u201d within the middle of its tight Bollinger Bands \u2013 both signs that a big movement is imminent.<\/p>\n \u201c$BTC #Bitcoin – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordingly,\u201d Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordinglyhttps:\/\/t.co\/jEp4C2pEBO<\/a> pic.twitter.com\/HJXNyH5v39<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) October 14, 2019<\/a><\/p><\/blockquote>\n\n