RATE Group | Bitcoin Bulls Defend Key Trendline as Investors Express Extreme Fear
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Bitcoin Bulls Defend Key Trendline as Investors Express Extreme Fear

25 Nov Bitcoin Bulls Defend Key Trendline as Investors Express Extreme Fear

Posted at 21:11h in Bitcoin News by

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After incurring a bout of capitulation throughout the latter part of yesterday, Bitcoin (BTC) has been able to post a decently strong rally that has allowed it to recapture its position within the lower-$7,000 region, and its recent lows may ultimately mark a long-term bottom for the crypto.

It is important to note that the latest rally came about after the cryptocurrency tapped a key trendline that kicked off the 2019 bull run earlier this year, and a continued defense of this level could help bolster the crypto’s mid-term price action.

Bitcoin Bounces at $6,500 as Bulls Fight Back 

At the time of writing, Bitcoin is trading down marginally at its current price of $7,200, and it has been able to erase a significant amount of the losses that were incurred yesterday evening when BTC dipped to lows of $6,500.

It appears that $6,500 is a strong level of support for the cryptocurrency, as its visit to this region was instantly followed by a strong influx of buying pressure that sent it…

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