Why Bitcoin May Need to Tap $13,000

Bitcoin has been spiraling lower ever since it tapped its all-time highs within the mid-$19,000 region

There are a few factors driving this move lower, including selling pressure stemming from the rejection, fear regarding a regulatory crackdown in the U.S., and withdraws on OKEx resuming

The confluence of these factors has created a perfect storm for bears, and they appear to be taking full advantage of it

One trader believes that Bitcoin has quite a way to fall before it finds any significant support and begins pushing higher

He is specifically watching for a move down towards $13,000, noting that it still appears to be “way overextended”