Analyst: Bitcoin may fall to around $7,700 due to these two factors

On June 22, most cryptocurrency analysts believed that Bitcoin ’s sideways consolidation phase does not seem to be over yet, and its trading price has basically remained around $9,000. Given the influence of two factors, the asset will enter a downward channel in the next few days or weeks.

According to NewsBTC, cryptocurrency analysts pointed out that Bitcoin may fall to around $7,700 in the near term due to the stock sell-off. "From the technical perspective of Bitcoin, Bitcoin may fall back to around $8,400-8,100 before rising. Next week, as the stock market falls, the crypto asset may fall to $7,700-7,800."

On the other hand, some cryptocurrency analysts believe that Bitcoin's repeated failure to rebound seems to indicate that a sharp drop is imminent. Data shows that Bitcoin has been blocked from rising near $10,000 three times.

In the view of analysts, although it is only a matter of time before Bitcoin breaks through this level, they still believe that this will have an adverse impact on market trends in the near term.

“There is no doubt that $10,000 is the upside resistance level for Bitcoin, and despite the price pullback, it will stand above this level sooner or later. It should be noted that Bitcoin has tested the same high three times in the past nine months, resulting in a longer consolidation period before falling.”

As of press time, BTC is quoted at $9,357, up 0.05% in 24 hours. (Mars Finance)

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