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”

Bitcoin has done a full 180-degree turn, with the cryptocurrency’s previous upwards momentum now degrading as bears aim at sending it significantly lower.

The selling pressure seen as a result of the rejection at $19,500 is undoubtedly what sparked this movement, but a couple of other factors have perpetuated it.

Recent comments from the U.S. Treasury Secretary regarding a crackdown on private crypto wallets spooked investors and caused the crypto to see a sudden inflow of sell-side pressure.

Furthermore, OKEx reopening withdraws has also coincided with this dip, signaling that their users are possibly taking profits off the table.

At the time of writing, Bitcoin is trading down just over 1% at its current price of $16,900. This is around the price at which it has been trading throughout the past day.

The support previously holding BTC above $17,000 appears to be evaporating, which could be a sign that downside is imminent in the near-term.

If this level flips into resistance, it may put Bitcoin’s price action firmly in bulls’ control.

While sharing his thoughts on Bitcoin’s price action, one trader explained that a move towards $13,000 could be imminent in the near-term.

He notes that it may first consolidate above its weekly support around $16,200, with this level eventually breaking and opening the gates for an even larger move lower.

“Differently from ETH, BTC looks way over extended from the weekly 21EMA, still far from interesting support. My ideal entry would be the outlined major support @ 13k’s. Currently we might hold the 16213 weekly support, then head lower for an ABC correction.”

Over the coming few days, Bitcoin’s price action should provide serious insights into the aggregated market’s outlook in the days and weeks ahead.

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