Bitcoin\u2019s intense selloff has slowed over the past 24-hours, with bulls garnering some notable buying pressure within the lower-$8,000 region, subsequently leading BTC to enter a short-term bout of consolidation around $8,600.<\/p>\n
Although bulls have shown some signs of strength during this latest leg down, it is important to keep in mind that its price action over the past week has been bear-favoring, and its deep retrace from its yearly highs seems to suggest its bullish market structure may have been invalidated.<\/p>\n
Now, top analysts are noting that an incredibly strong resistance level that exists just a hair above BTC\u2019s current price region may be enough to spark a major selloff.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nominally at its current price<\/a> of $8,660, which is around where it has been trading at for the past 24-hours.<\/p>\n The cryptocurrency\u2019s ongoing selloff first began last Sunday when it ran to highs of $10,000 before facing a swift rejection at this level, with bull\u2019s inability to recapture its position above this level being a grave sign for the crypto.<\/p>\n Analysts are now noting that how BTC responds to this ongoing bout of sideways trading should offer insight into where the markets will trend next.<\/p>\n Crypto Micah\u00ebl, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that a break below Bitcoin\u2019s current price level could lead it to drop as low as $7,500.<\/p>\n \u201cBitcoin: At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I’d be pointing $7,500-7,700,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> #BITCOIN<\/a><\/p>\n At this point, remaining fairly unchanged in the perspectives. <\/p>\n Holding here and I assume $9,000-9,200 retest is likely. Losing it and I'd be pointing $7,500-7,700. pic.twitter.com\/618qSHBQ1h<\/a><\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) February 29, 2020<\/a><\/p><\/blockquote>\n\n