Bitcoin Bears Looking for A break Below 8,310
Bitcoin price is under intense pressure today, a few days after it soared by 20% during the weekend. The BTC/USD pair is trading at 30,312, which is slightly below the all-time high of 34,882. Still, analysts at JP Morgan believe that the currency’s price will jump to $146,000 in the long term.
What happened: Bitcoin price has been under pressure in the past few days as some retail traders take profit from the recent sharp rally. This performance is similar to what we have seen in the past where the price rallies during the weekend sessions and then pulls back.
But. But. But: The momentum is still in Bitcoin’s side considering it has risen by more than 700% in the past few months. Also, many analysts are still bullish on the currency. For example, in a note to investors, analysts at JP Morgan said that their base case is for the currency to soar to $146,000 in the long term. They wrote:
“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term.”
On the hourly chart, we see that Bitcoin price has dropped substantially in the past two days. Precisely, it has dropped by more than 12% during this time.
It has also moved below the 25-day and 15-day exponential moving averages, which is a bearish factor. Also, it is still above yesterday’s low of $28,578. Therefore, for today, the BTC/USD will continue to decline as bears target the lowest level yesterday. However, as we approach the weekend, the price will likely bounce back.
