RATE Group | Bloomberg: Bitcoin May Have Hit a Bottom in $6,500 Plunge
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Bloomberg: Bitcoin May Have Hit a Bottom in $6,500 Plunge

12 Dec Bloomberg: Bitcoin May Have Hit a Bottom in $6,500 Plunge

Posted at 06:57h in Ethereum News by

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Over the past few days, the price of Bitcoin (BTC) has finally started to stabilize, finding itself trading between $7,000 and $7,800 as the cryptocurrency market aims to establish some near-term directionality.

While this consolidation has really been neither bullish or bearish due to its brevity on a macro scale, Bloomberg has suggested that it may be a sign of a bottom.

Has Bitcoin Bottomed?

In an article titled “Bitcoin in Wait-and-See Mode as Downward Trend Persists,” Bloomberg wrote that with Bitcoin’s price stabilizing “above its support level of the initial [CME futures] gap created on May 10,” there’s potential that a bottom was marked in the $6,500 range, which the cryptocurrency breached late last month shortly after tumbling under $8,000 after hitting $10,500 in the now-infamous “China pump.”

Bitcoin needs to break out of its downtrend to regain momentum

Bloomberg did note though that the cryptocurrency remains in a bearish descending channel pattern it formed in late June when it…

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