The latest cryptocurrency news show that weak technicals are floating around the Bitcoin price action. Currently, Bitcoin is incurring significant selling pressure which has caused significant damage to its technical strength.
Speaking of, the selling pressure also comes in spite of some bullish fundamental developments which have occurred lately. These include the state-sponsored Bank of China offering what can be defined as a bullish outlook on Bitcoin. The altcoin news show that alts are also influenced by BTC and its performance.
At the time of writing, Bitcoin is down with weak technicals and trades with 4% losses at the current price of ,500 which is down significantly from the highs of over ,200.
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The downwards pressure is simply an extension of the one which was incurred one week ago when the cryptocurrency moved to $11,000 before incurring the sudden influx of selling pressure which sent its price reeling to the current levels.
The weak technicals are also what analysts note in their BTC price predictions. They are saying that it is highly probably that Bitcoin continues dropping until it revisits the weekly support levels that exist just below $9,000 – and a failure to maintain these could lead it to a deeper pullback.
“The ‘potential’ lower-high looks to be playing out with a price below $9,690. Eyeing price to make its way to sub $9k at the weekly support level to form a lower-low. Just trying to be fluid, not overly bearish as 4-digit BTC is still a gift,” said Josh Rager, a popular cryptocurrency analyst on Twitter.
The Bank of China also discussed Bitcoin in recent article, sharing its bullish sentiment. However, the weak technicals for Bitcoin show that there was not much of an effect after this mention, even though China is known as a government that hates BTC.
Samson Mow, who is a popular figure in the crypto industry, spoke about the article in China and mentioned the correlation with the weak technicals in a tweet. He was featured on many best cryptocurrency news sites for stating:
“Yesterday the #BankofChina posted up an article about #Bitcoin. They explained how $BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish.”
Yesterday the #BankofChina posted up an article about #Bitcoin. They explained how $BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. 😅 #Bullish pic.twitter.com/GKzj7XJjJa
— Samson Mow (@Excellion) July 27, 2019
Even though it is unclear whether Bitcoin will continue like this or establish a stronger position, BTC is still widely seen as a bullish cryptocurrency this year.
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