RATE Group | Short-Term Bottom for Bitcoin is Most Likely to be at $6,400
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Short-Term Bottom for Bitcoin is Most Likely to be at $6,400

24 Nov Short-Term Bottom for Bitcoin is Most Likely to be at $6,400

Posted at 17:41h in Cryptocurrency News by

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Contents

  • Further Drop Likely for Bitcoin?
  • Will Bitcoin Recover By Year’s End?

According to technical analysts that specialize in cryptocurrencies, $6,400 has the greatest probability of becoming the short-term bottom for Bitcoin (BTC).

Since November 18th, the price of BTC has declined from $8,500 to $7,200, even briefly dipping below the $6,800 mark on margin trading platforms like BitMEX.

While BTC has had a slight rebound in the last 24 hours, a drop to the low $6,000 region remains a possibility as it is a logarithmic channel bottom. There is also strong interest to return this area, which has not been seen since 2017.

Further Drop Likely for Bitcoin?

In previous instances, where BTC had a clean break below its $7,500 support level, the cryptocurrency has historically tested deeper support levels in the low $6,000 region. For example, on May 17th, BTC dropped swiftly to $6,380 before recovering to the $8,000 region.

Since its big drop, the price of BTC has increased from…

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