Bitcoin Eyes Short-Term Bear Market After Two-Week Lows

Bitcoin's (BTC) price pullback from the recent highs above $8,500 is increasingly looking like a short-term bear market on the technical charts.

The leading cryptocurrency fell to a two-week low of $7,282 earlier today on Biffinex and was last seen trading at $7,350 – down 3 percent on a 24-hour basis.

The sell-off from the recent high of $8,507 had shown signs of exhaustion near $7,455 (38.2 percent Fibonacci retracement of the rally from the June low of $5,755) on Wednesday, raising prospects of a move higher to $8,000.

However, BTC did not find takers on Thursday and the resulting failure to capitalize on the signs of bearish exhaustion ended up encouraging the bears to push the cryptocurrency down to two-week lows as expected.

At press time, BTC has found acceptance below the key support of $7,455 and has retraced 40 percent of the rally from $5,755 to $8,507. What's more, the cryptocurrency also closed yesterday below the former resistance-turned-support of the 100-day moving average (MA).