OKEx says Bitcoin's latest struggles shouldn't worry investors

While Bitcoin's drop below $8,000 caused a stir in the market, OKEx says the downfall will most likely be short-lived.

Leading exchange says Bitcoin testing critical levels is nothing to worry about.

Several market signs showed that it is up for a rebound and Bitcoin quickly rebounded to above $8,000 levels.

In an email shared with CryptoSlate, OKEx, a crypto spot, and futures trading platform, identified five signs that point towards a brighter future for Bitcoin.

The U.S. earnings season for the third quarter, the period when most U.S. based companies report their earnings, could also be promising for Bitcoin.

OKEx believes this is a positive sign for Bitcoin as well, as a healthy market could boost its price.

The index showed that Bitcoin's latest drop hit the 100-week moving average, which hasn't been compromised since November 2018.

The current weekly momentum indicator mirrors the ones Bitcoin saw in three separate periods, all of which led to a significant increase in its price.

John Bollinger, the creator of a technical analysis tool for calculating volatility called the Bollinger Bands, said that there was "Good potential for a head fake" in Bitcoin.

A head fake used to describe a security's price that moves in one direction but then reverses course and moves in the opposite direction will mean that Bitcoin could see its price rise in the following weeks.