Bitcoin\u2019s bulls have lost the overwhelming strength they incurred yesterday when they propelled BTC off of its recent lows of $6,400, as the crypto has now lost nearly all of the momentum that it incurred during the course of this fleeing rally.<\/p>\n
It is important to note that this recent rally marked an ardent defense of a key multi-year trendline that bulls need to continue defending, which may signal that the crypto will see continued upside in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 1% at its current price<\/a> of $7,200, which marks a notable decline from its daily highs of nearly $7,600 that were set at the peak of the relief rally.<\/p>\n It is imperative to note that the move \u2013 which led some analysts to believe that $6,400 was a long-term bottom for the cryptocurrency \u2013 appears to be somewhat weak, as bulls are now attempting to defend BTC\u2019s position within the $7,000 region from aggressive selling pressure.<\/p>\n If Bitcoin does see further selling pressure in the near-term, the cryptocurrency<\/a> could be at risk of seeing significantly further losses, as it is trading just a hair above a critical multi-year trendline.<\/p>\n Mr. Anderson, a popular crypto analyst on Twitter, spoke about this trendline in a recent tweet, explaining that the recent drop to $6,400 marked a breach of this level, which has since been reclaimed.<\/p>\n \u201c$BTC 4-year Log Trendline update: As mentioned, BTC was in the midst of a 15th test of a very clean 4-yr trendline. Clean b\/c drawn w\/ coordinates from base through the 2019 bottom it has ZERO weekly closes outside the trendline. Thus far, we have reclaimed intra-week yet again,\u201d he said while pointing to the charts seen in the below tweet.<\/p><\/blockquote>\n $BTC<\/a> 4-year Log Trendline update:<\/p>\n As mentioned, BTC was in the midst of a 15th test of a very clean 4-yr trendline<\/p>\n Clean b\/c drawn w\/ coordinates from base through the 2019 bottom it has ZERO weekly closes outside the trendline<\/p>\n Thus far, we have reclaimed intra-week yet again pic.twitter.com\/pMiio2tVHX<\/a><\/p>\n — Mr. Anderson (@TrueCrypto28) December 19, 2019<\/a><\/p><\/blockquote>\n\n