- Bitcoin recently faced a rejection at $9,500 that appears to be a grim sign for its macro outlook
- The cryptocurrency has since reeled back within its long-held trading range between $9,000 and $9,300
- How it trends next will likely depend on its reaction to this trading range
- Because BTC posted a failed breakout attempt, it is likely weaker now than it was during its last bout of prolonged consolidation at its current price levels
- One analyst is now putting forth a chart showing that the crypto could soon see a significant decline
- The indicator he uses is even suggesting BTC could tap $5,000
Bitcoin is currently consolidating following its latest rejection. Buyers were able to push it as high as $9,500 earlier this week before they lost their strength.
In the time since, the cryptocurrency has been sliding lower, and there’s no end in sight to its current bout of sideways trading.
In the near-term, how it trends next could be determined by whether or not bulls can support BTC above…
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