Bitcoin dropped to a low of $ 8,980 again as the price remains in a rangeThe Bitcoin price is likely to drop if the indicators remain bearish as in the past few weeks. As has been observed since the supply bottleneck in May, the price of the leading cryptocurrency has stalled. Traders faced rejection at a pivotal peak, while potential downturns faded at just under $ 9,000 support zone. In this outlook, several analysts point to a short-term breakdown of the Bitcoin price.
Bollinger Bands will soon take a big step forward
Bitcoin price refusals of around $ 10,000 also included the $ 10,500 break, when a triple top now points to a short-term downward trend. The cryptocurrency also saw a number of lower highs last month, with recent pressure leading to a breakthrough to a low of $ 9,000 before rising above the current $ 9,100 level.
The Bitcoin consolidation phase of the past few weeks has involved large amounts of short orders, as can be seen on the CME futures (Chicago Mercantile Exchange). With institutional traders holding more than 2,000 short positions in bitcoin futures on the CME, the mood seems bearish in the short term. The last time investors were so bearish on Bitcoin was just before the market plunged to $ 3,800