Bitcoin\u2019s bullish response to its capitulatory overnight drop to lows of $6,400 has now resulted in the cryptocurrency incurring a significant amount of bullish momentum that has allowed BTC to break back into the $7,000 region.<\/p>\n
This bullish response came about after BTC tapped a key support line when it visited these recent lows, and the response to $6,400 signals that bulls may currently have more strength than they previously thought.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up roughly 8% at its current price<\/a> of $7,160, which marks a massive climb from its daily lows of $6,400.<\/p>\n Previously, $7,000 had proven to be a strong level of support for Bitcoin, with bulls defending<\/a> this level for multiple days throughout the past week before bears were eventually able to push BTC below this level on Tuesday.<\/p>\n The dip below this level instantly sparked a capitulatory downturn that led Bitcoin to set fresh multi-month lows at $6,400, a level that coincides closely with a key long-term support level.<\/p>\n Peter Brandt, a prominent analyst, spoke about this support level in a recent tweet to his over 300k followers, pointing to a chart that elucidates just how important this support level has been for BTC\u2019s macro uptrend.<\/p>\n \u201cBitcoin $BTC has apparently held at important support,\u201d he said while referencing the chart seen below.<\/p><\/blockquote>\n Bitcoin $BTC<\/a> has apparently held at important support pic.twitter.com\/VqdX7B6Mmh<\/a><\/p>\n — Peter Brandt (@PeterLBrandt) December 18, 2019<\/a><\/p><\/blockquote>\n\n