After testing the waters in the sub-$10,000 region, Bitcoin failed to stage a breakout. According to CoinMarketCap data, its price is once again in the four-digit territory at $9,753.15.
This three percent drop could signal more pain for the bulls given that the BTC price plunged below its weekly resistance level. Hence, Bitcoin trading at the $8,000 level is now not that far-fetched scenario.
However, according to trading expert ‘The Crypto Dog,’ this downturn could only be a ‘distraction’ before skyrocketing all the way to $11,500.
Price movements under $10K have only been a distraction to shake you out before $11.5k #Bitcoin— The Crypto Dog📈 (@TheCryptoDog) July 26, 2019