These Three Factors Show Why Bitcoin is Poised to Plummet Towards $8,000

Bitcoin has shown some signs of weakness throughout the past several days due to its inability to break decisively into the five-figure price region. Analysts do believe that there are a few factors that all point to the possibility that BTC is poised to see significantly further near-term downside in the days and weeks ahead.

It now appears that BTC could see some further weakness in the near-term due to the growing weakness of the lower boundary of its current trading range. In addition to frequently testing its key support, there are a couple other factors that suggest Bitcoin is poised to see further weakness in the near-term.

Timeline of Bitcoin