Could Bitcoin Rejection Contribute to Its Fall?
The Bitcoin performance was recently bullish for some period. However, each time the cryptocurrency surges to the upside, it experiences a robust rejection and leads to a total correction of its gains. Some hours ago, the situation happened as its price peaked around $7.5k, but could not continue to the upside.
It got rejected and may have initiated a notable fall. As per the analysts, Bitcoin can decline towards 7k before securing adequate support to stop its correction. At press time, Bitcoin’s price got below 1% at $7245, representing a significant fall from its daily highs around $7.5k, which got put in place at the rally’s height. As it is getting rejected on every attempt, it shows that Bitcoin buyers are weak, and a notable additional fall in the near term could be imminent.
Analyzing the Bitcoin Upsurge Pattern
A look at the upsurge pattern that leads to emphatic rejection within the previous several days confirms the bearish-stand for Bitcoin. For example, there was an upsurge to $7.7k during the last weekend, and the price after that lost its gains.
A renowned crypto analyst’s perspective, known as HornHairs, about the recent rejection noted that the bearish divergence, strong rejection, and adverse action from CME future expirations point to the likelihood of additional declines ahead.
There is a likelihood that Bitcoin will secure progressive support close to the lower area of $ 7k in the near-term. However, no one knows whether the sellers will be strengthened by the latest rejections to take Bitcoin to the downside.