Bitcoin Rejected at $7,500; A Much Larger Drop Could Be Imminent

Bitcoin has incurred multiple bouts of bullishness over the past several days and weeks, with each rally resulting in a strong rejection that leads the cryptocurrency to fully retrace its gains. This pattern occurred again today, when BTC surged to highs of nearly $7,500 before incurring a strong and swift rejection.
This rejection may have opened the gates for significantly further losses for the cryptocurrency, and analysts are now noting that Bitcoin may once again drop back towards $7,000 be