Bitcoin Plummets to $7,000 As Bears Build Momentum
At the time of writing, Bitcoin is trading down over 2% at its of $7,100, which marks a notable decline from its daily highs of $7,300 that were set yesterday.
Today’s decline has led the cryptocurrency down to a key support level that has been holding strong in the time since the crypto plummeted to lows of $6,500 in late-November. In the time since BTC bounced from this level, it has not dipped below $7,000, as bulls have been ardently defending this level. Importantly, this level appears to be much more than just a near-term support level, as TraderXO, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a close below this level could place BTC in a firm downtrend that sends it down to $6,500.“$BTC – Pivotal level,” he concisely noted while pointing to the chart seen below.//twitter.com/traderx0x0/status/20272644?s=21
Analyst: BTC Requires Daily Close Over $7,300 for Bull To Take Control
If bulls want to turn this ongoing drop around and help lead the cryptocurrency back to the mid-$7,000 region, it is imperative that they push the crypto back to $7,300.
Josh Olszewicz, another popular cryptocurrency analyst on Twitter, spoke about this key level in a recent tweet, also explaining that Bitcoin’s current price action favors the possibility of further bearishness.“1D $BTC: @bbands. only this tight a few times over the past year. currently w/bearish forecast. price > 7300 would be above 20SMA which would flip sentiment bull. eventual resolution of all moves of this caliber have resulted in initial 20%+ price swing,” he noted while referencing a chart showing that a big movement could be imminent.
1D only this tight a few times over the past year currently w/bearish forecast price > 7300 would be above 20SMA which would flip sentiment bull eventual resolution of all moves of this caliber have resulted in initial 20%+ price swing — #333kByJuly2025 (@CarpeNoctom)
The coming couple of days may offer insight into which direction Bitcoin will trend going into 2020, as a break below $7,000 could spark another major downtrend that leads to significantly further losses.
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