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In recent times, Bitcoin has been in a session of sideways trading close to $8.6k zone which led to a move in favour of the bears has, with the crypto asset currently on the downside towards the lower-$8k zone.
Such a move has totally changed the sentiment among investors as several analysts now claim that there will be significant additional losses as $9.2k starts to appear increasingly like a mid-term top.
A renowned analyst who in the past forecasted numerous key Bitcoin movements observed all through last year is claiming that Bitcoin is currently approaching a buy zone, and accumulation trends appear to point at growing macro bullish.
At press time, the price of Bitcoin was just below 4 per cent at $8,360, representing a remarkable fall from its daily highs of more than $8.7k established yesterday.
Before Bitcoin’s overnight decline, numerous analysts and investors thought that there would be an extended upwards momentum because the bull trend observed this year seemed to show a huge shift in the market structure of the crypto asset.
It seems $8.3k is a major support level in the near-term, as BTC found some support at the price level during its recent decline.