Bitcoin's Price Eyes Consolidation After 11% Decline

Bitcoin could be in for a minor bout of consolidation following an 11 percent drop from recent highs above $8,500.

At press time, the cryptocurrency is trading at $7,570 on Bitfinex, having clocked a nine-day low of $7,469 earlier today.

As a result, the cryptocurrency ended up retracing more than 35 percent of the rally from the June 24 low of $5,755.

Clearly, the tide has turned in favor of the bears in the last 24 hours, although oversold conditions and indecisiveness seen in the short duration charts will likely keep the cryptocurrency range-bound in the next 24 hours.

The above chart shows BTC has created a doji candle at the key support of $7,455, indicating indecision in the market.

Further, the cryptocurrency has found acceptance below the key support of $7,815, meaning the bears are in control.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.