Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.
Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.
The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.
Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.
The analyst tweeted this forecast twice with an hour pause.