Bitcoin Could Drop to $7,600 in Coming Week as Buyer Volume Decreases
- Bitcoin price has taken a slide yet again.
For the past 10 days now, the flagship cryptocurrency has been trading around $8,000. Today, in another downward move, from the high of $8,176, BTC price has fallen below $8,000, going as low as $7,880.
BTC dominance is still under 70%, as per TradingView. The total market cap, meanwhile, is at just about $215 billion.
A Leg Up Before a Leg Down?
Analyst The Cryptomist is expecting some action from bitcoin in the upcoming week but an upside might be on the line first.
“Been ranging this week but expecting action this upcoming week. I still think there is new lows coming but perhaps leg up first,” she said.
On the 4 hour chart, a potential falling wedge is present, which if valid could mean, we would be seeing a break “sooner than later.”
A move down could mean a drop to the $7,600.
Crypto trader and investor Josh Rager says the Bitcoin price daily chart is not looking “pretty.” The world’s leading cryptocurrency, according to him could be making its way down to $7,600’s support area.
Currently, BTC is at support but “eventually buyers can run out at this level,” and buyer volume already continues to decrease.
A similar scenario is expected by trader TraderX0 who says, “Eventually expecting a move down to lows.”
As per the chart shared by him, Bitcoin could see a leg up to just above $8,000 only to plummet to $7,650 level.
But if BTC manages to move above the weekly open at $8,080, this scenario will be invalidated.