Bitcoin\u2019s bulls have continued to hold Bitcoin\u2019s price above its key near-term support level at $7,000 and defended this level from some heightened selling pressure yesterday that came about just prior to BTC\u2019s weekly close.<\/p>\n
The ardent defense of this level comes about as Bitcoin shows signs of having a bearish market structure, and there are two key levels that are important to watch within this structure that could offer significant insight into how the crypto will trend into the first part of 2020.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $7,150, which marks a sight climb from its 24 hour lows of just above $7,000 \u2013 a critical support level that bulls have been defending in the time since BTC\u2019s capitulatory drop to $6,500.<\/p>\n Although bulls have been able to defend this support level, it is imperative to note that the crypto has been caught within a firm downtrend over the past month, declining from highs of nearly $9,000.<\/p>\n This decline has shown no signs of slowing down any time soon, and it may cut even deeper if bulls aren\u2019t able to put some serious distance between its current price levels.<\/p>\n Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that this last weekly close favors bears, noting that Bitcoin is still caught within a firm descending channel.<\/p>\n \u201c$BTC – weekly candle closes bearishly engulfing of the previous weeks body and for the forth week in a row a close below the center channel line resistance,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – weekly candle closes bearishly engulfing of the previous weeks body and for the forth week in a row a close below the center channel line resistance … pic.twitter.com\/UwTFTbWqYm<\/a><\/p>\n — BIG Chonis (@BigChonis) December 16, 2019<\/a><\/p><\/blockquote>\n\n