The price remains below its 200 day moving average for the 8 consecutive day
Eight days ago, the price of bitcoin traded below its 200 day moving average for the 1st time since April 2. The last 8 trading days has been able to stay below that level, keeping the sellers more in control. It will take a move back above the moving average to shift the bias back to the upside.
Looking back in time on the chart above, the 200 day moving average tends to be a barometer for the bulls and bears. If the price moves and stays below, the bears remain in control. On a move above, the bias shifts higher.
Being below now gives the digital currency a bearish bias. It is as simple as that.
Admittedly, the price is not running to the downside. There is a near double bottom at the $7700 area (lows came in at $7701 and $7712 respectively). A move below would increase the bearish bias.
