RATE Group | How Bitcoin Avoided a Much Deeper Pullback with a Timely Reaction from Bulls
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How Bitcoin Avoided a Much Deeper Pullback with a Timely Reaction from Bulls

19 Dec How Bitcoin Avoided a Much Deeper Pullback with a Timely Reaction from Bulls

Posted at 01:19h in Bitcoin News by

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Bitcoin’s bullish response to its capitulatory overnight drop to lows of $6,400 has now resulted in the cryptocurrency incurring a significant amount of bullish momentum that has allowed BTC to break back into the $7,000 region.

This bullish response came about after BTC tapped a key support line when it visited these recent lows, and the response to $6,400 signals that bulls may currently have more strength than they previously thought.

Bulls Roar as Bitcoin Surges 8% During Massive Intraday Rally

At the time of writing, Bitcoin is trading up roughly 8% at its current price of $7,160, which marks a massive climb from its daily lows of $6,400.

Previously, $7,000 had proven to be a strong level of support for Bitcoin, with bulls defending this level for multiple days throughout the past week before bears were eventually able to push BTC below this level on Tuesday.

The dip below this level instantly sparked a capitulatory downturn that led Bitcoin to set fresh multi-month lows at…

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