Bitcoin has continued trading sideways within the lower-$7,000, with this latest bout of consolidation coming about after a failed attempt by BTC’s bulls to spark a rally yesterday. Bull’s inability to sustain any significant upwards momentum points to underlying weakness amongst buyers and may signal that further losses are imminent.
It is important to note that Bitcoin still remains caught within a firm downtrend, and one analyst is noting that this trend is unlikely to change until BTC breaks above a key resistance level.
Bitcoin Stuck at $7,300 as Bulls and Bears Remain at an Impasse
At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,300, which marks a slight retrace from its daily highs of over $7,500 that were set yesterday at the height of the fleeting rally.
It is important to note that Bitcoin’s buyers have attempted on multiple occasions over the past several days and weeks to generate some upwards momentum, with each attempt being swiftly halted by the insurmountable resistance that exists within the mid-to-upper $7,000 region.
In the near-term, analysts are noting that yesterday’s rally simply marked a lower high, and that the crypto won’t be able to generate any sustainable momentum until it breaks above $7,800.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that this current price action could simply mark an accumulation phase.
“$BTC Needs to break above $7800s and close above for me to feel bullish about a possible trend reversal. Until then, price continues to range with possible accumulation (over five weeks in this range). So far, price possibly just made another lower-high today,” he explained.
Bear Market Remains Firm Until BTC Breaks Above This Key Level
Although $7,800 may be one key level that bulls need to push Bitcoin above in the near-term, it is important to note that the crypto remains stuck within a descending channel, which will keep BTC in a firm downtrend until bulls push it above the upper channel boundary.
TraderXO, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying that the bottom likely isn’t in until this upper boundary is firmly broken above.
“$BTC – Apparently they say the lows are in after a few weeks of consolidation… Might want to zoom out a little, break the channel and reclaim 8k first,” he explained while pointing to the charts seen below.
$BTC – Apparently they say the lows are in after a few weeks of consolidation…
Might want to zoom out a little, break the channel and reclaim 8k first. pic.twitter.com/0f2oTLx82T
— TraderXO (@TraderX0X0) December 30, 2019
The coming days and weeks may offer insight into the strength of this descending channel, as it could potentially spark significantly further losses if it continues holding strong into the new year.
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Bitcoin has done what many bulls dreaded: it plunged below six figures, crashed through $100,000, and even tumbled past $98,000 in a wave of liquidations not seen since May. As reported by CryptoSlate, BTC fell to $98,550, triggering $190 million in long liquidations in one hour and $655 million in 24 hours as spot ETFs […]
The post Bitcoin tests the $95k HODL wall after cascade knocks out $655M from bulls appeared first on CryptoSlate.
Bitcoin needs to turn the $85,000 resistance into a support zone for a bullish breakout.
Monitoring ETF flow trends alongside key technical levels will be essential in assessing BTC's near-termThe post Bitcoin bulls vs.
So far, Bitcoin has seen a mixture of bulls and bears just in the past day alone. Although bulls appear to be taking the lead given its current market performance, will this be sustainable? Before the US Federal Reserve announcement of the rate cuts, Bitcoin experienced a slight dip in its trading price.
After a 10-day dip, Bitcoin has surged past $70,000. The renewed vigor in BTC's price action signals a resurgence of momentum as the market continues to climb. Can the bulls sustain this momentum and propel Bitcoin into a new phase of price discovery?
In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again.
Bitcoin’s breakout to $29k comes after bulls established $26,190 as a key support zone. If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50. 0% retracement of $34,280.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
The downtrend from November was still in play for Bitcoin [BTThe post As Bitcoin reclaims $20k, can BTC traders drive bulls to aim for the sky appeared first on AMBCrypto.
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Bitcoin, the world's largest cryptocurrency has been bleeding for quite a while now as bears overtook the bull. As things stand, it was trading just above the $33k mark with a correction of about 2% iThe post Bitcoin: What does this mean for the 'trapped bulls'? appeared first on AMBCrypto.
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Bitcoin is currently in the process of consolidating as bulls and bears battle for control of its near-term outlook Where the cryptocurrency trends in the mid-term will likely depend on whether or not bulls can once again push it above $19,000, as this has been a pivotal level for BTC A sustained bout of trading below here could open the gates for serious losses, but many factors are all working heavily in the cryptocurrency’s favor. […]
Bitcoin is in limbo as of this article’s writing, stuck above the $10,000 psychological support and below the $10,500 resistance. Both bulls and bears have valid arguments at current. The bulls think that BTC continuously holding $10,000 lends to a high chance of appreciating.
Bitcoin is approaching the end of the week on a relatively weaker note. As BeInCrypto reported yesterday, there was a decent chance for the bulls to kick start a new rally by pushing the price above $9,460 without any further delay.
Bitcoin as an asset class has had a good history, according to some Bitcoin bulls on a recent Twitter post. However, others suggest that the post skewed figures unfairly in Bitcoin’s favor.
The short-term for Bitcoin is looking quite bearish as bulls have lost the $9,000 level and the daily ascending channel. Bitcoin is currently trading at $8,764 as bulls keep losing strength. Not everything is lost for them but it’s clear the short-term is shifting in favor of the bears. The daily chart can still be […]
Bitcoin bulls have been fighting to break $10,000 for months now. Bitcoin has been rejected several times from this doomed level, however, the last time that happened, just 2 weeks ago, bears had a lot of continuation but the bulls managed to buy the dip and push Bitcoin back above $9,000 and tried to break […]
Following Bitcoin’s recent rejection at $7,300, the benchmark cryptocurrency has once again established another bout of sideways trading within the upper-$6,000 region, with bulls and bears reaching an impasse as its near-term trend grows increasingly unclear.
Bitcoin’s decline to lows of $5,800 overnight was met with significant buying pressure that subsequently allowed the cryptocurrency to climb higher, with BTC bulls now attempting to reclaim the crypto’s previous position within the upper-$6,000 region.
Bitcoin bulls were cheerful this Tuesday as a top analyst’s call to purchase gold amidst the Coronavirus-induced market turmoil created similar opportunities for the cryptocurrency. Jeffrey Currie, a commodity researcher at Goldman Sachs, said in a note that the yellow metal has reached an “inflection point” after the Federal Reserve announced that it would buy...
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