RATE Group | Bitcoin Taps Lower Boundary of Bullish Channel; Break Below Could Spark Massive Sell Off
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Bitcoin Taps Lower Boundary of Bullish Channel; Break Below Could Spark Massive Sell Off

26 Nov Bitcoin Taps Lower Boundary of Bullish Channel; Break Below Could Spark Massive Sell Off

Posted at 21:39h in Bitcoin News by

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Bitcoin (BTC) has been caught in the throes of immense volatility over the past several days and weeks, with the cryptocurrency recently dropping to lows of $6,500 before posting a sharp bounce to $7,400.

The momentum sparked by BTC’s bounce at $6,500 appears to be faltering, however, which could signal that it will soon drop below the lower boundary of the bullish macro trading range that it has been caught over the past several months. If this happens, it could open the gates for significantly further downside.

Bitcoin Revisits $7,000 Support Level as Bulls Lose Strength

At the time of writing, Bitcoin is trading down just under 1% at its current price of $7,100, which marks a notable retrace from its recent highs of nearly $7,500 that were set in the hours following BTC’s visit to lows of $6,500.

The bullish momentum that was incurred when Bitcoin tapped $6,500 signals that this price level is a massive support region for the cryptocurrency, but as BTC is currently nearing its…

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