Over the past weeks, Bitcoin and the entire crypto market have been facing instability as the markets face sideways trading after losing an upward trend. If this trend continues, the bears will take full control.
Recently, Bitcoin dropped to $7000. This appeared to have shaken its bullish momentum. According to analysts, Bitcoin might drop as low as $5400 before the bulls surrender their full control.
As selling pressure increases, Bitcoin stabilizes in upper $7000. Bitcoin is trading down less than1% as its current price of $7730, and it’s slightly low from its 24-hour high of nearly $8000.
Over a week’s trading period, Bitcoin has been trading between the lower $7000 region and the upper $8000 region, which is fast becoming a current trading range. This might ultimately lead to a persistent pattern of consolidation. Hence the bears take control.
However, it seems like Bitcoin could drop significantly further in the near future. A popular cryptocurrency trader on Twitter, Josh Rager in his recent twitter discussion explained that he believes Bitcoin would drop as low as $5400 before it falls into a long-term bearish trend, this may mean that significant further losses are unavoidable.
“BTC Pullback Areas: The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO. Major confluence w/ previous support/resistance between $6109 to $6814. I’m personally watching for a bounce in this area with major interest near $6400 (VPVR),”
Recently Alex Krüger, a popular analyst on Twitter, explained that he believes BTC’s critical support level exists at 6800. He said that several technical formations are pointing to the importance of this level
“BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level,”
Do you think the bears will defeat the bulls to take full control of the Bitcoin price?
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