Bitcoin’s price has been able to stabilize after incurring a significant influx of selling pressure yesterday that sent it plummeting below its previous range lows at $9,000, and it appears that bulls have formed $8,800 as a level of support that could bolster BTC’s price in the near-term.
It is important to note that despite BTC finding some support around its current price levels, one technical indicator may point to the possibility that the crypto will soon erase all of its recent gains and plummet towards $7,300 – which is where it was trading at prior to its meteoric rally that was incurred late-last month.
Bitcoin Stabilizes Following Recent Drop
At the time of writing, Bitcoin is trading down marginally at its current price of $8,800, which marks a steep retrace from its multi-day highs of nearly $9,500 that were set earlier this week just prior to the crypto’s plunge below $9,000.
This latest movement down came about after an extended period of consolidation between $9,000 and $9,500, which had appeared to be a strong trading range that many analysts believed would hold strong for the near future.
Although BTC lost its support at $9,000, it has bounced at $8,800