RATE Group | Bitcoin’s Local Bottom Was Found at $6,800, Analysts Assert
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Bitcoin’s Local Bottom Was Found at $6,800, Analysts Assert

23 Nov Bitcoin’s Local Bottom Was Found at $6,800, Analysts Assert

Posted at 19:12h in Bitcoin News by

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Ouch. Bulls haven’t had the best of weeks, with Coin360 reporting that Bitcoin (BTC) has shed some 14% in the past week, trading at $7,300 as of the time of writing this article. Despite the decisively bearish price action, some believe that this market is bottoming, at least for the time being. Here’s why.

Related Reading: Echo Bubble Narrative Grows Stronger as Bitcoin Struggles to Find Support

Has Bitcoin Found a Bottom?

Firstly, the Chonky One noted made a simple observation on Friday morning that Bitcoin’s local bottoms and tops can normally be easily determined; more specifically, “during a bearish weak, Bitcoin usually puts in the low of the week on the Thursday or Friday… the same is true for the high of the week during a bullish week.”

Indeed,…

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