Bitcoin's Price Moves Below $8K as Bull Case Weakens

Bitcoin's price risks deeper losses below $8,000 as the bears seem to be winning a four-day-long tug-of-war with the bulls.

The Bollinger bandwidth - a volatility indicator - dropped today to the lowest level since October, as per the short duration technical chart.

We could be in for a big move, as a prolonged period of low volatility usually makes way for a big move on either side.

Further, the big move could happen to the downside as the bull case has weakened following BTC's failure to capitalize on a descending broadening channel breakout witnessed on Friday.

BTC has found acceptance under the support of the 50-candle moving average.

The volatility, as represented by the Bollinger bandwidth on the 4-hour chart, fell today to its lowest level since October.

As stated earlier, an extended period of low volatility is usually followed by a big move, which is seen happening to the downside.

As a result, BTC could suffer a deeper drop below the $8,000 mark.

View The current 4-hour candle will likely close below the lower Bollinger band, confirming a bearish breakdown.

The bulls are seen making a comeback if BTC finds acceptance above $8,300.