Bitcoin remains in firm bear trend until it reclaims $8,000

Bitcoin has continued to face heightened volatility in the time following yesterday's sell-off that sent it as low as $6,500, as its price was able to climb nearly $1,000 after tapping this level, signaling that this may be a massive near-term support region for the embattled cryptocurrency.

Analysts are now noting that they believe BTC is still caught in a firm bear trend in spite of the overnight surge from $6,500, and it may not be able to firmly shift this trend until it decisively moves above $8,000.

At the time of writing, Bitcoin is trading up 3 percent at its current price of $7,150, which marks a notable climb from its intra-day lows of $6,500 that were set during the capitulatory sell-off that was experienced yesterday evening.

Bitcoin's drop to $6,500 marks an extension of the downwards momentum that was first incurred when it failed to find any stability over $10,000 in late-October, and its inability to post any sustainable bounce in the time following the start of its on-going downtrend is a bearish sign.

In the near-term, it appears that Bitcoin's current position within the lower-$7,000 region is a critical support level, with Mayne, a popular cryptocurrency analyst on Twitter, telling his followers that he is currently watching for a move down towards $6,000, with a dip below this level potentially leading it to $5,400.

A lot of confluent levels for me, especially $66xx at the $6k floor.

That'd be a 79% pullback off the parabola top," he noted while pointing to the levels marked on the below chart.

It does seem that the general consensus surrounding Bitcoin amongst analysts is that it is primed to see further losses in the near-term, as Loma - another popular cryptocurrency analyst on Twitter - echoed Mayne's sentiment in a recent tweet, saying that BTC remains in the firm control of bears until it breaks above $8,000.

Won't fight the bear trend until we reclaim ~$8,00 convincingly," Loma explained.

Despite the bearish sentiment bearing over the crypto markets, bulls could still step up and propel the crypto significant higher at any moment - but only time will tell as to when, and at what price, this will happen.