RATE Group | Bitcoin’s Drop to $7,000 Will Be Short Lasting Due to This Key Indicator
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Bitcoin’s Drop to $7,000 Will Be Short Lasting Due to This Key Indicator

31 Dec Bitcoin’s Drop to $7,000 Will Be Short Lasting Due to This Key Indicator

Posted at 23:22h in Bitcoin News by

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The aftermath of Bitcoin’s recent rally up to highs of $7,500 – and subsequent rejection – has been grave for bulls, as BTC has been caught within a strong downtrend that is leading the cryptocurrency down to its key support region that exists around $7,000.

It is important to note that one key factor is currently showing signs that this current sell-off may be weaker than it appears, which may mean that it will be short lived and followed by a bounce that leads the crypto back up to its resistance within the mid-to-upper $7,000 region.

Bitcoin’s Bears Roar as They Spark an Intraday Sell Off

At the time of writing, Bitcoin is trading down just under 1% at its current price of $7,270, which marks a notable decline from its daily highs of $7,400 that were set during an early morning rally attempt that resulted in it dropping to its current levels.

This latest rejection comes closely on the heels of the one seen last week, when BTC surged to highs of over $7,500 before facing…

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