RATE Group | Bitcoin Price is Poised to Return to $6,500 Lows; Analysts Explain Why
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Bitcoin Price is Poised to Return to $6,500 Lows; Analysts Explain Why

20 Dec Bitcoin Price is Poised to Return to $6,500 Lows; Analysts Explain Why

Posted at 22:10h in Bitcoin News by

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This week has been quite a tumultuous one for the Bitcoin market. As of the time of writing this, the cryptocurrency is effectively flat on the week, posting a slight loss of 1%. But this statistic hides the truth: this week has seen BTC undergo two 10% swings, one to the downside, then another to the upside, all within the span of a few days.

Related Reading: Bitcoin Exchange Outflow Spikes to $606M in 1 Day: Is Accumulation Starting?

Bitcoin’s latest bout of volatility has made the cryptocurrency put in a new six-month low at $6,400, plunging to that price point early Wednesday as bulls failed to step in. While BTC is now trading at $7,200, having recovered 10% as aforementioned, analysts are sure that a retest of these lows is an inevitability.

Here’s more on why.

Why BTC May Soon Retest $6,500

Cantering Clark, a prominent cryptocurrency trader, recently remarked that the current price action is rather reminiscent of the infamous 42% “China pump” that brought BTC to $10,500….

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