I believe there is still room for downward pressure, absolutely. Agree with you here. Hence, we may continue to trade sideways and maybe even hit a new lower low. $7,500 has some support as a level and if this is breached, then we could even test $5,000-$6,000 before a rapid bounce back up.

I really hope this bearish trend does not materialise but on the flip side I am bullish for bitcoin in the medium to longer term.