Bitcoin Price Trapped Below $8,500 as Bears Call for a Drop to $6K

MARKET ANALYSIS

Around this time last week, the situation was looking increasingly dire for Bitcoin (BTC) and murmurs of a drop to $6,000 and even $3,000 began to circulate amongst traders. Even today there are still those that consider this a real possibility and perhaps it is. For the moment, Bitcoin appears to have stabilized and traders are hopeful that a strong move to $8,500 will occur over the coming days.

Where are we going?

Bull, bear or chimera?

Bearish outlook

Bearish outlook

A drop below the lower Bollinger Band arm at $7,338 is likely to raise concern and the volume profile visible range (VPVR) shows limited demand in this area. While many abject to this assessment, a drop below $7,300 opens the doors to a potential visit to $5,700 where interest for BTC is shown on the VPVR.

Bullish scenario

In the short-term, traders would like to see Bitcoin overcome $8,760. A really exciting move and confirmed change of trend would be a move above the most recent high at 9,785 but perhaps that a bit of wishful thinking.

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