RATE Group | Why Bitcoin Price Is Headed to 7-Month Low If $7K Support Fails
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Why Bitcoin Price Is Headed to 7-Month Low If $7K Support Fails

11 Dec Why Bitcoin Price Is Headed to 7-Month Low If $7K Support Fails

Posted at 22:05h in Bitcoin News by

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For the past few days, Bitcoin price (BTC) has ranged between $7,400 to $7,100 and it seems bears are keen to push the price back below $7,000 before this week closes. 

Earlier in the week, MATIC made headlines after dropping more than 60% in the span of a few minutes and a few other Binance IEO tokens followed with double-digit losses. 

Fast forward to today and many altcoins are back to producing double-digit gains on their BTC pairs. At the time of writing FunFair (FUN) is up 26.6%, WAVES 15.31% and THETA 12.36% and that’s just pointing out a select few. 

Crypto market weekly performance. Source: Coin360

Meanwhile, Bitcoin appears bearish on the 1-hour to the weekly timeframe and barring quick day trades the price action leans towards bears and pales in comparison to what is happening with altcoins. 

Interestingly, despite Bitcoin’s bearish bias, Bitfinex longs have increased significantly (56%) since Nov. 22 and this shows that many traders believe the decrease in selling…

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