Bitcoin (BTC) bulls have failed to keep up the pressure. In a matter of one week, the leading cryptocurrency has shed 15% of its value, falling from $9,100 to $7,800 in a move uncharacteristic of the overarching uptrend. This rapid collapse has placed BTC under some tough conditions from a technical standpoint.
In fact, Bloomberg recently reported that the GTI Vera Convergence-Divergence indicator has issued a sell signal for the first time since April, which preceded a short-term sell-off in the $5,000 region. This, per the outlet, suggests that “there could be further downside as Bitcoin halts its recent monster rally.”