Bitcoin saw some notable volatility earlier today that led the cryptocurrency to rally up towards $7,700 before facing yet another dire rejection at this level. This has placed BTC firmly back into a tight trading range and has led analysts to anticipate further downside.
One trader is noting that the cryptocurrency could be well positioned to “nuke” lower in the near-term, with this potential decline being sparked by a rejection at $8,000.
This comes as a historically accurate technical indicator also signals that the cryptocurrency is well-positioned to make a massive movement in the near-term.
Bitcoin Faces Another Rejection at $7,700 as Volatility Looms on the Horizon
At the time of writing, Bitcoin is trading sideways at its current price of $7,600.