RATE Group | Doom or Double Bottom? — Bitcoin Price Support at $7.8K Is Key
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Doom or Double Bottom? — Bitcoin Price Support at $7.8K Is Key

20 Nov Doom or Double Bottom? — Bitcoin Price Support at $7.8K Is Key

Posted at 21:54h in Bitcoin News by

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Bitcoin’s (BTC) price action continues to be less than impressive unless one is a bear capitalizing on the current shorting opportunities. 

Bulls pinned their hopes on BTC price breaking out of the falling wedge in a strong upside move since the consensus was that this particular pattern tends to produce bullish outcomes more often than not. This was not the case and Bitcoin price toppled below the descending trendline to $7,981. 

Since reaching a dominance rate of 69.35% on Oct. 27, Bitcoin’s dominance rate has dropped to 65.9% and a growing number of traders appear to be shifting their attention to altcoins as many are pressing against their long-term descending trendlines and 200-day moving averages.

Crypto market data monthly view. Source: Coin360

Ultimately, the issue here seems to be a lack of interest manifesting in low trading volume. 

Some crypto-Twitter analysts are now calling for Bitcoin price to drop to $6,000 and the most bearish among them have called for a…

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