BTC was rejected violently overnight thereby causing its price to decline to the lower boundary of an ascending channel that was set within the previous several weeks. This has led to a shift in the general market sentiment and resulted in numerous past euphoric bulls to become increasingly bearish.

A noteworthy point is that the strength of this recent selloff could bring trouble for BTC, because it was influenced by a nine-figure volume in a single 10-minute candle, showing the basic strength of the bears despite their recent weakness.

At press time, the price of BTC was on the downside by 3 percent at $8,660, representing a remarkable fall from its daily highs of $9.2k established at the zenith of the rally that took place last night.

Following the testing of $9.2k, the upside momentum of BTC started showing declining signs, as it started trailing lower until it reached $9.1k, and it was when the bears took charge and pulled the price to $8.6k.

This selloff happened within ten minutes and was influenced by an influx of more than 100 million USD in trading volume. Due to the declining pressure size, it seems that BTC bears are stronger.

According to a renowned crypto analyst known as Teddy on Twitter, BTC is at the moment hovering close to the lower boundary of an ascending channel where it stayed within the previous several weeks, and the selloff in the last night marks a rejection at the upper boundary of the channel.

The loss of the recent strength secured by the BTC bulls and failure to maintain a price level above the current may signal a main change in Bitcoin’s market structure, thereby pointing at imminent additional losses.

Huge $100m BTC Declining Pressure: Levels to Consider Following Violent Fall

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.

Huge $100m BTC Declining Pressure: Levels to Consider Following Violent Fall

Top Picks