In the past few sessions, bitcoin price saw an increase in selling pressure below USD 8,650. As a result, BTC/USD declined further and traded below the key USD 8,550 and USD 8,500 support levels. It seems like the price is likely to extend its decline towards USD 8,000 or USD 7,850 in the near term.
Moreover, most major altcoins are gaining bearish momentum, including ethereum, XRP, litecoin,