RATE Group | Analysts Eye Ideal Bitcoin Entries Around $6,800 as Bears Gain Control
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Analysts Eye Ideal Bitcoin Entries Around $6,800 as Bears Gain Control

31 Dec Analysts Eye Ideal Bitcoin Entries Around $6,800 as Bears Gain Control

Posted at 19:34h in Cryptocurrency News by

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The downtrend that was sparked by Bitcoin’s recent rejection at $7,500 has continued to hold strong, as the cryptocurrency is now moving down to its key support level at $7,000, and it remains unclear as to whether or not this long-established support level will continue to hold strong.

Despite this near-term bearishness, analysts aren’t feeling too bearish on the cryptocurrency at the moment, as one prominent trader is noting that he is looking to enter fresh BTC bids in the $6,800 to $7,000 region.

Bitcoin Inches Towards $7,000, But Analysts Remain Bullish

At the time of writing, Bitcoin is trading down over 1% at its current price of $7,215, which marks a notable decline from its 24-hour highs of $7,400 that were set earlier this morning just before the cryptocurrency hit a massive bastion of resistance that sparked today’s sell-off.

BTC has been forming a bearish pattern of each and every attempted rally being halted by bears, with the…

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