Bitcoin has continued to move lower as bears take full control
of the cryptocurrency’s price action, and it now appears to be a certainty that
BTC will revisit its November lows that were set at $6,500 roughly three weeks
ago.
This current bearishness has drastically impacted the overall
market sentiment for the worst and has led some investors to believe that the
crypto will continue dropping until it reaches a significantly lower price
region.
In spite of this, all hope is not lost for bulls, as there are a
couple technical signals that point to the possibility that this is the final
leg down before the next BTC price rally.
Bitcoin Fast Approaches Multi-Month Lows as
Bears Take Firm Control
At the time of writing, Bitcoin is trading down just under 5% at
its current price of $6,800, which marks a notable decline from its daily highs
of $7,200 that were set just prior to the start of BTC’s ongoing short-term
downtrend.
It is important to note that today’s leg down has not shown any
signs of halting any time soon, as the crypto has not been able to find any
notable support around its current levels that bolsters its price action.
It is highly likely that its next key support level will exist
within the $6,500 region, which is where the cryptocurrency found significant
support during its capitulatory drop seen in late-November when Bitcoin
plummeted from nearly $9,000 to lows of $6,500 before posting a strong and
decisive bounce.
Big Cheds, a popular cryptocurrency analyst on Twitter,
concisely explained in a recent tweet that he believes Bitcoin will soon
revisit its November 25th lows.
Could BTC Be Showing Subtle Signs of Underlying
Bullishness?
Josh Olszewicz, a popular cryptocurrency analyst on Twitter,
explained in a recent tweet that Bitcoin might be showing a couple signs of
potential bullishness in spite of its overt bearishness, pointing to an RSI and
volume bull divergence and a possible falling wedge.
How Bitcoin responds to the $6,500 level in the coming days will
provide massive insight into where the markets are heading next, as a failure
to bounce here could signal that significantly further downside is imminent.
Bitcoin has continued to move lower as bears take full control of the cryptocurrency’s price action, and it now appears to be a certainty that BTC will revisit its November lows that were set at $6,500 roughly three weeks ago.
This current bearishness has drastically impacted the overall market sentiment for the worst and has led some investors to believe that the crypto will continue dropping until it reaches a significantly lower price region.
In spite of this, all hope is not lost for bulls, as there are a couple technical signals that point to the possibility that this is the final leg down before the next BTC price rally.
Bitcoin Fast Approaches Multi-Month Lows as Bears Take Firm Control
At the time of writing, Bitcoin is trading down just under 5% at its current price of $6,800, which marks a notable decline from its daily highs of $7,200 that were set just prior to the start of BTC’s ongoing short-term downtrend.
It is important to note that today’s leg down has not shown any signs of halting any time soon, as the crypto has not been able to find any notable support around its current levels that bolsters its price action.
It is highly likely that its next key support level will exist within the $6,500 region, which is where the cryptocurrency found significant support during its capitulatory drop seen in late-November when Bitcoin plummeted from nearly $9,000 to lows of $6,500 before posting a strong and decisive bounce.
Big Cheds, a popular cryptocurrency analyst on Twitter, concisely explained in a recent tweet that he believes Bitcoin will soon revisit its November 25th lows.
Could BTC Be Showing Subtle Signs of Underlying Bullishness?
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin might be showing a couple signs of potential bullishness in spite of its overt bearishness, pointing to an RSI and volume bull divergence and a possible falling wedge.
How Bitcoin responds to the $6,500 level in the coming days will provide massive insight into where the markets are heading next, as a failure to bounce here could signal that significantly further downside is imminent.