Here’s Why Analysts Expect Bitcoin to Plunge Lower in the Near-Term

EmdVS0uW4AAYvwT 980x520

It has been a relatively uneventful day for Bitcoin, with the benchmark crypto ranging sideways following the immense decline seen yesterday that sent it down to $14,800 The buying pressure at these lows proved to be too much for bears to handle and instantly sparked a “V-shaped” recovery BTC is now hovering within the lower-$15,000 region, struggling to gain any upwards momentum as its buyers and sellers reach an impasse This trend of stability may not last for too long, as one analyst is pointing to a trend that indicates downside is imminent Bitcoin and the rest of the cryptocurrency market have seen a quiet bout of trading throughout the past 12-hours, with bulls and bears reaching an impasse as BTC consolidates. This current stability came about shortly after the crypto saw a sharp selloff yesterday, which was rapidly absorbed by bulls. Where BTC trends next will depend largely on…

Read the original article here