RATE Group | Bitcoin Primed for a Move to $8,000, but Bear Trend Isn’t Over Yet
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Bitcoin Primed for a Move to $8,000, but Bear Trend Isn’t Over Yet

23 Nov Bitcoin Primed for a Move to $8,000, but Bear Trend Isn’t Over Yet

Posted at 20:13h in Bitcoin News by

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After facing a sharp drop into the upper-$6,000 region yesterday morning, Bitcoin’s bulls have stepped up and propelled the crypto higher, laying the foundations for the cryptocurrency’s recent lows to be a mid-term bottom for BTC.

Analysts now widely expect Bitcoin to see further gains in the short-term, but it is important to note that the cryptocurrency is still firmly caught in a mid-term bear trend, which means that it may ultimately see further downside in spite of its near-term bullishness.

Bitcoin Climbs from Recent Lows as Bulls Fight Back 

At the time of writing, Bitcoin is trading up over 2% at its current price of $7,320, which marks a notable climb from its daily lows of roughly $6,700 that were set during BTC’s latest sell-off.

This level has long been viewed as a strong level of support for the cryptocurrency, and its bullish price action in the time since it visited this level confirms that this is in fact a strong level of support, and may signal that further…

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