The Bitcoin price is in the news again, this time for dropping again. It seems like the price of the most dominant cryptocurrency did not make it past $7,000 and struggled to keep the bullish momentum.
Within only 12 hours, Bitcoin dropped from $7,100 to $6,900, to later drop even more below the $6,900 mark. Even though the dominant cryptocurrency has stabilized in the low $6,900 region, a lot of traders believe that the current support level is $6,500 given the recent downtrend of the dominant cryptocurrency and the two consecutive buy candles that it recorded this week.
According to one cryptocurrency trader and technical analyst named Lil Uzi Vertcoin and his recent comment on the situation:
“BTC topped the bollinger bands and rejected the ichimoku cloud resistance here, $7,130 is the resistance to break but it looks more difficult now, expecting $6,700 to $6,500 to be good support. I’ll probably long if we test $6,500-$6,600 again.”
When it comes to volatility, Bitcoin’s shaking price is now in the mid-$6,000 region and is struggling to break out of the $7,000 resistance level. Currently, Bitcoin is trading at $6,847 but may likely fall even below this number.
A lot of investors publicly stated that they pulled out of the high-risk and high-return stakes (from tokens and small market cap altcoins) due to this uncertainty. If Bitcoin drops to the mid-$6,000 region, regardless of its performance today, it will be very likely for tokens to bleed out throughout the upcoming days.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]