After trying to push Bitcoin (BTC) higher yesterday, the bulls of cryptocurrency lost their power and the bears dropped the crypto to $ 7,200, seeing it as a key level of support for cryptocurrency that recipients continue to defend.
Now, an analyst says that despite the seller's current strength, the buyer's ability to defend this level may mean that further increases are close, but analysts continue to contradict whether this rally path will be sustainable.
Bitcoin Loses Up Momentum, But Bulls Must Defend $ 7,200
During writing, Bitcoin falls down roughly 2% Current price $ 7,290, indicating a slight drop from the daily high of $ 7,500 yesterday when the bulls were trying to raise the price of the crypto currency.
Earlier this morning, this momentum was lost, and the crypto fell to its near-term support of $ 7,200, and its slight rise to this level further confirmed its status as a key support level.
If the bears can fall below the near-term support level, BTC is likely to find some support of around $ 7,000 and may fall back below this level and potentially return to the mid-$ 6,000 zone.
Josh Rager, a popular cryptographic money analyst on Twitter, said in a recent tweet that Bitcoin believed it was only a matter of time before he returned to the $ 6,000 zone.
Sürece As long as the BTC is $ – $ 7150, this will be an important area, because it is the checkpoint, the most traded area in this area. But let's not make ourselves a child, $ 6 comes sooner or later. Prepare your emotions and we will do this as usual. ”
$ BTC – As long as it is worth $ 7150, this will be an important area because it is the checkpoint, the most traded area in this area
But let's not make ourselves a child, $ 6 comes sooner or later
Prepare your emotions, we will do as usual. pic.twitter.com/hfned3yz8o
Browse latest images taken by – Josh Rager 📈 (@Josh_Rager) December 2, 2019
Analyst: BTC at the Point of Rotation That Can Polish Choking Momentum
Mitoshi Kaku, a popular cryptographic password on Twitter, said BTC could hold over $ 7,200, along with other factors, although Rager believes Bitcoin will suffer significantly more damage until it finds enough support to rise further. comers.
Dün I shared this painting yesterday in the group. But today I was hesitant to come back after a few days and was cautious about turning it on for a long time, but 7195 (WP Level) was really good, I missed 7200. Today is a very important day in 1D. Let's see if $ BTC has legs. ”
I shared this chart yesterday in the group. But today I was hesitant to come back after a few days and was cautious about turning it on for a long time, but 7195 (WP Level) was really good, I missed 7200. Today is a very important day in 1D. Let's see $ BTC have legs! 🤓 pic.twitter.com/ov6byspxv is
Find out latest images taken by – Mitoshi Kaku 👨🏻🚀 (@CryptoSays). December 2, 2019
In the coming days, it will be decisive how the Bitcoin and bulk crypto markets will show in the last weeks of 2019 and the early stages of 2020.
Featured image from Shutterstock.