Bitcoin has continued its bearish pressure with some corrections this weekend and is expected to go much lower towards the $6,500 support area in the coming days. Though there have been no negative fundamentals regarding the bitcoin and crypto market, the bearish pressure seemed to be never ending this time. After breaching the $8,000 area below, the bearish pressure is currently going to absorb all the bullish momentum it gained since it bounced off the $6,500 area back in April. As of the current scenario, there is not much hope for a deeper pullback in bitcoin according to the current market structure formation; the price is expected to be quite impulsive with the bearish gains in the way towards $6,500. After bouncing off from $6,500, we might see a certain bullish intervention in the process but it will need a daily candle with certain bearish rejection. As the price remains below the $8,000 area with a daily close, further bearish pressure is expected.
