Bear Revival? Bitcoin Risks Fall Below $8K After 3.5-Week Low

Bitcoin’s (BTC) bears have unraveled the minor rally in prices since Saturday and are now looking to pull the cryptocurrency below the $8,000 mark, the technical charts indicate.

The bears’ comeback comes after bitcoin saw minor gains after the May 12 low of $8,204, but the bulls┬árepeatedly failed to cut through the key falling trendline hurdle. As a result, bitcoin fell to a 3.5-week low of $8,100 on Bitfinex earlier today.

As of writing, BTC is changing hands at $8,366 – down 4.7 percent in 24 hours.

Daily chart

As of writing, BTC is changing hands at $8,366 – down 4.7 percent in 24 hours.

Daily chart

As of writing, BTC is changing hands at $8,366 – down 4.7 percent in 24 hours.

Daily chart

The retreat from $8,884 to $8,100 has also established a falling top (lower highs pattern) – a (you guessed it) bearish setup. While the 10-day MA has crossed the 100-day MA from above (bearish crossover), and the relative strength index (RSI) is also biased bearish (below 50.00 and falling).