The price of the most dominant coin out there has been more than just vulnerable lately. In the latest cryptocurrency news, we can see that the BTC price slides under $7,000 but the longs soar after the $6,800 bounce. Analysts predict that Bitcoin will stabilize again but even this is uncertain given the current market information.
The sharp pullback does not surprise anyone at this point as Bitcoin has been ranging lower at each daily close with previous supports being at $7,300 and $7,150 accordingly. This is why it flipped to resistance over the weekend and why many expected a downward momentum soon.
At press time, Bitcoin has found new support at $6,923 which is a better position than the $6,800 bottom established this morning. As the BTC price slides under $7,000, we can expect it to recover and trade in the higher areas of the $6,000 mark.
Some analysts, however, predict that the Bitcoin news today will let us see BTC at $6,400 and the price could bounce off the descending channel trendline. Below this level, the next levels on the horizon if the BTC price slides under $6,000 are $5,800 and $5,350 which could entice buyers.
The fact that traders are buying into the dip also suggests that many view the drop as a major opportunity to open their long positions or accumulate even more Bitcoin (BTC). Further proof of this is also supported by the unaffected level of Bitfinex BTC/USD longs. As Bitcoin slides under $7,000, the number of long positions opened has actually risen over the past hour.
Perhaps this is one of the facts that analysts need when asked about the current and future movements of Bitcoin. This is why not everyone is afraid of the most dominant coin and its potential sliding below $6,000 and whatnot else. As the BTC price slides under $7,000, it is vital that it continues correcting. With a current price of $6,923, the momentum can build up again and Bitcoin could easily go above $7,000.
At the end of the day, this recent correction is nothing to make us happy. What would make traders happy is a potential run to the $8,000 or $10,000 levels before the new year.
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