Failed Bull Breakout Leaves Bitcoin Eyeing Drop to $8K

Bitcoin’s failed bull move on Sunday has left the doors open for the bears to make a comeback.

The inverse head-and-shoulders breakout on May 20 signaled a short-term bullish reversal that could have seen bitcoin rise to $9,000 (target as per the measured height method).

However, the bulls ran out of steam at a high of $8,644 yesterday and prices had fallen back to $8,240 at time of writing – a drop of 2.8 percent over the last 24 hours, according to Bitfinex.

The decline did not come as a surprise, though, given the breakout lacked volume support, and a drop to $8,000 could now be on the cards.

1-hour chart

As seen in the chart above, BTC fell back below the inverse head-and-shoulders neckline yesterday, weakening the bulls and has established a lower-high and lower-low pattern (bearish setup).

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