- Over the last few weeks, the bitcoin market has been constantly flooded with high-volume, high-spread moves to the downside. There have been a few impulsive, bullish rallies but nothing that has been sustained and nothing that is showing signs of supply absorption.
- At the time of this video, the market is testing a very important level for the fourth time and, if we fail to close above the $8,080 level, would likely mean we will be visiting the mid-$7,700s.
- However, if we manage to close a daily level above $8,080, we will have to reassess our market view. But, for now, the market is looking mid-term bearish and we will have to see how it handles a potential retest of the $7,700s.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
The post Bitcoin Price Analysis: Constant Supply Shows Signs of Market Weakness appeared first on Bitcoin Magazine.
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