Bitcoin is looking increasingly weak, having dropped nearly 2 percent on rising trading volumes Wednesday.
The top cryptocurrency by market value fell from $8,150 to $7,912 in the early U.S. trading hours on Wednesday before printing a UTC close at $7,996.
The price slide strengthened the case for a retest of recent lows near $7,750 put forward by Tuesday’s bearish “outside bar” candle.
Moreover, as reported, selling pressure has been building in recent days following bitcoin’s failure at the 200-day moving average hurdle on Oct. 11. The key MA is widely considered a barometer of the long-term trend.