RATE Group | If bitcoin doesn’t hold this key level, a ‘collapse’ could be imminent: Technician
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If bitcoin doesn’t hold this key level, a ‘collapse’ could be imminent: Technician

02 Aug If bitcoin doesn’t hold this key level, a ‘collapse’ could be imminent: Technician

Posted at 19:54h in Bitcoin News by

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Bitcoin investors may need to brace themselves for an even bigger drop in the cryptocurrency.

In the last week, bitcoin has fallen about 9 percent and returned to the mid-$7,000s. On Thursday, the cryptocurrency was trading at around $7,500, which according to Robert Sluymer, head of technical strategy at Fundstrat, is a key level that needs to be held.

“I think that bitcoin’s at a very critical stage because if that uptrend’s going to continue, it needs to dig in right here,” he said Thursday on CNBC’s “Futures Now.”

Sluymer refers specifically to an intraday chart of bitcoin, which shows the cryptocurrency has returned to a key support level it hit in June and again in mid-July. Not only that, but Sluymer also…

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