After managing to stay situated above $11,000 for a number of days, Bitcoin (BTC) has begun to slip. This is a far cry from the performance seen earlier this week, with one day seeing Bitcoin post a 20% daily gain. With this poor performance, which has effectively reversed all of this week’s gains, analysts have begun to fear that at long last, Bitcoin may just be poised for a deep correction.
So, what exactly are analysts thinking, and what is the cryptocurrency market looking like from a technical standpoint? Well, as popular trader Mr. Chief/Halo Crypto points out, the recent move to $10,500 sees BTC break under a key uptrend line, one that has held since early-June when the asset was around $8,000. BTC has since recovered, finding itself at $11,000, but the technical damage may continue with the break under this line.