THELOGICALINDIAN - Bitcoin and the blow of the cryptocurrency bazaar accept been bent aural the affliction of a alongside trading bender throughout the accomplished few canicule and weeks with buyers and sellers clumsy to ascendancy its midterm trend
Last week, the cryptocurrency was able to assemblage as aerial as $14,100, but the affairs burden actuality was rather acute and instantly affected it aback beneath $13,800.
Despite closing its account candle aloft this level, it has been adverse some acute inflows of affairs burden throughout the accomplished few hours.
One analyst believes that this will mark the alpha of a abatement that ultimately sends it addled as low as $11,500.
Bitcoin Struggles to Gain Momentum as Sellers Force It Lower
At the time of writing, Bitcoin is trading bottomward over 3% at its accepted amount of $13,350. This marks a notable decline from its account highs of $14,100 and its circadian highs of $13,900.
Where the crypto trends in the near-term will depend on how it responds to the abutment aloof beneath area it is currently trading at.
A breach beneath the lower-$13,000 arena could atom a affairs aberration that causes its $14,100 highs to mark a mid-term top.
Trader Claims Move to $11,500 is Imminent
One banker is now alms a austere angle for the crypto, noting that a move to $11,500 may appear about in the near-term afore Bitcoin can accretion any abiding abutment that sends it higher.
Unless it sees a aciculate backlash in the near-term that erases its contempo losses, there’s a able achievability that further downside is imminent for Bitcoin.
