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

Bitcoin 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 repeatedly 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.

The above chart shows that bitcoin has dipped below the 50-day moving average, currently located at $8,290.

As discussed yesterday, a close below the 50-day MA would signal resumption of the sell-off from the recent high of $9,990 and could yield deeper sell-off to $7,800.

The rejection at the descending trendline hurdle and a drop to $8,100 has reinforced the bearish view put forward by the short-term moving averages, which are sloping downwards in favor of the bears.

As a result, there is a high probability that bitcoin will now go on to close today below the 50-day MA and confirm a bear revival.

Note, the major moving averages are sloping downwards.

View BTC will likely close below $8,290 today and confirm a bear revival.

An unexpected break above $8,884 would abort the bearish view.