RATE Group | Bitcoin Rejected at $7,500; A Much Larger Drop Could Be Imminent
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Bitcoin Rejected at $7,500; A Much Larger Drop Could Be Imminent

27 Dec Bitcoin Rejected at $7,500; A Much Larger Drop Could Be Imminent

Posted at 02:21h in Cryptocurrency News by

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Bitcoin has incurred multiple bouts of bullishness over the past several days and weeks, with each rally resulting in a strong rejection that leads the cryptocurrency to fully retrace its gains. This pattern occurred again today, when BTC surged to highs of nearly $7,500 before incurring a strong and swift rejection.

This rejection may have opened the gates for significantly further losses for the cryptocurrency, and analysts are now noting that Bitcoin may once again drop back towards $7,000 before it finds enough support to halt its ongoing retrace.

Bitcoin Incurs Bearish Momentum Following Latest Rejection

At the time of writing, Bitcoin is trading down just under 1% at its current price of $7,230, which marks a notable decline from its daily highs of nearly $7,500 that were set at the peak of a rally the crypto incurred earlier today.

The rejection that ultimately came about as a result of this rally points to underlying weakness amongst the cryptocurrency’s bulls and may signal…

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