Bitcoin prices sink further down to the $8,000 range as it has again failed to capitalize a recent price recovery. The cryptocurrency community has been in the hope that bitcoin would be able to get the hang of itself, but alas, the bearish trend continues.
According to the Coindesk Bitcoin Price Index, a week ago, around March 9, the digital currency was at $8,371 but soon started to rise, and by March 11, it got back around to $9,000. However, this uptrend was short lived.
For the last 48 hours prices have been fluctuating around the nine thousand dollar mark, but now, at the time of writing, the prices have fallen to $8,313 per token. Naturally, the trading volumes has also seen a drop of more than 50% since March 9.
So whatâ€™s in store for bitcoin? Well according to price chart analysis, even more sell-off tendencies are being anticipated from the investors. The cryptocurrency is continuously failing to rise above the $10,000 mark. If this is not worrisome in and as of itself, regulatory bodies have been active more than ever to put a clamp down on the cryptocurrency market. No wonder why so many are abandoning ship.
Furthermore, as per the price chart analysis, the current price drops seem to indicate bullish exhaustion rather than indecision in the marketplace. Also, while taking into consideration the 10-day moving average, the slope is still dropping. At this rate, experts are expecting prices might even fall to a low of $5,500.
However, after hitting rock bottom at $5,500, the slope might take a flip in favor of a bullish trend. Financial experts have already sounded their opinion that until the digital currency break the $11,700 point, a bearish-to-bullish trend change cannot be concluded.