Bitcoin Continues Defending Critical Multi-Year Trendline, But How Long Will Bulls Last?

Bitcoin’s 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.

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.

Bitcoin Bulls Defend Key Trendline; Are Further Gains Imminent?

At the time of writing, Bitcoin is trading down nearly 1% at its current price 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.

It is imperative to note that the move – which led some analysts to believe that $6,400 was a long-term bottom for the cryptocurrency – appears to be somewhat weak, as bulls are now attempting to defend BTC’s position within the $7,000 region from aggressive…