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Analyst gives Bitcoin forecast: Bitcoin's firm rejection confirms that further lows are imminent

Bitcoin is again in a sideways movement in the area of ​​the top 6. 000 – dollar mark. It is important to note that after the rally, BTC made several attempts to keep the existing resistance at $ 6. 900 to overcome, but each one led to a decisive rejection.

This has prompted several analysts to determine that a significant breakdown could be imminent, which could potentially cause Bitcoin to fall back towards its annual lows.

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Bitcoin enters another consolidation phase as resistance increases

At the time of writing, Bitcoin is trading in 6. 630 dollars. Every attempt the 7th 000 – Cracking dollar region encountered strong selling pressure. The decline has prompted Michaël van de Poppe, a popular crypto trader and analyst, to make an estimate that he will see a sharp decline towards 4 at BTC in the near future. 800 Dollar expected.

“Bitcoin: A quick rejection here at 6. 900 dollars. It can get stuck in this area for a while. If we go over 6 again 650 $, I expect a further development of area 6. 900 – 7. 000 $. All in all, however, it can be expected that 5. 400 and 4. 800 Dollars to be tested, ”he noted.

$ BTC #BITCOIN

A swift rejection here at $ 6, 900.

It can still hang around this area for a bit. If we break back above $ 6, 650, I 'm expecting another tap of the $ 6, 900 – 7, 000 area.

However, all-in-all, remaining to expect $ 5, 400 and $ 4, 800 to be tested in the coming period. pic.twitter.com/2eiAHUEadO

– Crypto Michaël (@CryptoMichNL) March 25, 2020

The macro market structure of the BTC shows signs of weakness

Jonny Moe – another popular analyst – said he was patiently waiting for an ascending wedge to collapse.

“He is still watching and waiting. It looks like we're getting closer. Note the descending volume profile. ”

Still watching, waiting. Sure looks like we're getting close.

Note descending volume profile. $ BTC pic.twitter.com/IMTX4i4bDE

– Jonny Moe (@JonnyMoeTrades) March 25, 2020

The pattern it refers to is extremely bearish and could open the gates for a significant decline once BTC has a confirmed breakdown below its lower limit.

In addition, Bitcoin's declining volume profile suggests that crypto is preparing for a massive move. Taking this coincidence of bear factors into account, it is likely that this next move will favor sellers.

Proof of text: newsbtc

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