Bitcoin and the aggregated crypto markets have been caught in a bout of sideways trading over the past several days and weeks, with BTC trading around its key near-term support level at $8,700 for the past few days after being rejected at $9,000 earlier this week.<\/p>\n\n\n\n
Analysts are now noting that they anticipate the crypto to see further losses in the near-term, with one analyst setting a near-term support level at roughly $8,300 that must hold strong, or else significantly further losses could be in the cards.<\/p>\n\n\n\n
At the time of writing, Bitcoin<\/a> is trading down over 1% at its current price<\/a> of $8,700, which is right at its key near-term support level that has held strong over the past several days.<\/p>\n\n\n\n Earlier this week, BTC attempted to climb back into its previous trading range within the lower-$9,000 region, although this attempt was met with a sharp influx of selling pressure that sent its price down to its current support level.<\/p>\n\n\n\n The inability for Bitcoin\u2019s bulls to sustain any upwards momentum that it has seen over the past couple of days may mean that further downside is imminent, despite the strong support it has found around its current price level.<\/p>\n\n\n\n Big Chonis, a popular cryptocurrency analyst on Twitter, explained<\/a> in a recent tweet that BTC\u2019s recent bounce off of its key near-term support level could either mean that it was a \u201cfake out drop\u201d or that it will soon see further decline.<\/p>\n\n\n\n \u201c$BTC – lower target hit first, the fake out drop or just the beginning of a further decline,\u201d he explained while pointing to the chart seen below.<\/p><\/blockquote>\n\n\n\n