Bitcoin suffered a severe rejection near $9,500 a few days ago, causing its price to flash some notable signs of weakness.
This rejection has now led the crypto to set another “lower high”, further reinforcing the bear narrative and exposing BTC to a further near-term downtrend.
In yesterday’s sessions, BTC buyers were attempting to hold its price above $9,200, but the support found here has diminished.
It now seems that BTC is likely to see further downside, with buyers failing to drum up any notable support near the $9,200.
At the time of writing, the world’s largest cryptocurrency is at the tail end of a prolonged period of consolidation and is trading down just under 0.14% at its current price of $9252.
BTC Bulls Could Drum Up Further Support
Josh Rager, a respected crypto analyst, anticipates that BTC will push slightly higher as bulls attempt to reestablish their strength.
He recently explained that he expects BTC bulls to garner more support in the near-term, possibly driving the king crypto’s price slightly higher.
This bullish sentiment has been backed up by On-chain metrics that suggest Bitcoin is not in distribution, but rather at the start of another bull market.
Blockchain analytics firm IntoTheBlock recently highlighted that Bitcoin is currently in a “mostly bullish” state. Per their data, the BTC network is now enjoying some growth while its in-house “concentration” indicator is currently in the green.
Bloomberg senior commodity analyst Mike McGlone has echoed the optimism by explaining that increasing BTC usage is likely to move to higher prices.
Stellar Could Erase Recent Gains
XLM has been incurring huge gains throughout the past couple of weeks, with the token’s value rising to a fresh yearly high just days ago.
The crypto is currently expressing some strength after XLM prices faced a grim rejection that threatened to erase recent gains.
That said, XLM did manage to bounce at $0.083, indicating that there may be some slight buying pressure at this level that could slow any possible of Stellar downtrend.
At the time of writing, XLM is trading down 0.29% on the hourly chart at its current price of $0.09273.