Bitcoin remains in a bear motion since it has continued to experience high volatility in the yesterday’s sell-off that sent it plummeting down to $6,500. However, the price did rise by about $1,000 showing that this could be a near-term support region for the benchmark crypto as we are seeing in today’s bitcoin price news.
Some of the crypto analysts are now thinking that Bitcoin remains in a firm bear chokehold in spite of the surge overnight and this could not be able to shift the trend until it moves towards the $8,000 decisively. At the time of writing, Bitcoin is trading up by 3 percent at the current price of $7,179 which marks a notable climb from the intra-day lows of $6,500 that was set during the major sell-off that was experienced yesterday evening.
Bitcoin’s drop to $6,500 marks the downtrend extension that was first shown when the crypto failed to find any stability near the $10,000 price range back in October and it was unable to post any sustainable bounce at that time following the start of the downward trend which is a huge bearish sign. In the near-term it seems that Bitcoin’s current position within the lower $7,000 region is at a critical support level when the popular analyst Mayne tweeted that he is waiting for a drop towards $6,000 and a potential crash to $5,400:
“On the weekly, we’re at support here. A lot of confluent levels for me, especially $66xx (EQ of weekly block) at the $6k floor. Waiting to see if we form some H4 bullish structure here. If this area fails, I’m watching $5400. That’d be a 79% pullback off the parabola top.”
It seems that the general consensus around Bitcoin among the analysts is that it is primed to expect more losses in the near-term. Loma, the popular crypto analyst on Twitter, noted that Bitcoin remains in strong control of the bears until it breaks above $8,000:
“Bulls want that to be the end of the dump. That targeted $6,000 – $6,300 support got front-ran and now we make new highs. Bears want this to be a liquidity trap. $7,400 – $7,600 bearish retest and fall over. Won’t fight the bear trend until we reclaim ~$8,00 convincingly.’’
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