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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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