RATE Group | Bitcoin Dips Below $7,000, is a Sharp Correction to $6000s Unavoidable?
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Bitcoin Dips Below $7,000, is a Sharp Correction to $6000s Unavoidable?

15 Dec Bitcoin Dips Below $7,000, is a Sharp Correction to $6000s Unavoidable?

Posted at 10:44h in Cryptocurrency News by

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Contents

  • Bitcoin at risk of a further drop to the low $6,000s
  • A big move was expected and that move is down

On major crypto exchanges like BitMEX, the bitcoin price briefly dipped below $7,000 for the first time since November 28.


Right before the daily close on December 14, the bitcoin price hit $6,994 on BitMEX and dropped to as low as $7,009 on Binance.


Prior to the drop, when the bitcoin price was hovering at around $7,200, technical analysts anticipated a rebound to key resistance levels.


Bitcoin at risk of a further drop to the low $6,000s


The drop of the bitcoin price to below the $7,000 mark has put the dominant cryptocurrency vulnerable to a deeper pullback in the short-term.


Earlier this week, cryptocurrency trader Josh Rager said that while bitcoin is likely to stagnate in the imminent future, there are three scenarios in which the downside movement plays out.


Rather than pushing up one last time before moving down to…

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