• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

$7,700 to $7,200: Here’s What Bitcoin’s Rejection Says About Its Market Structure

Cole Petersen by Cole Petersen
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin BTC
Advertisement
Listen to Article

Bitcoin has been facing some turbulent price action over the past several days and weeks, surging to highs of $7,700 this past weekend before hitting a region of resistance that has sparked a firm short-term downtrend that has led BTC down to its support in the lower-$7,000 region.

This recent downtrend has shown few signs of letting up as bull’s recently found strength appears to be faltering, which has led multiple analysts to believe that further losses are imminent for the crypto.

Bitcoin Falls to $7,300 as Bulls Weaken

At the time of writing, Bitcoin is trading down marginally at its current price of $7,300, which marks a slight climb from its daily lows of $7,200 that were set earlier today during a sharp sell-off that was ultimately absorbed by buyers.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin’s current price levels marked a previous region of support for the cryptocurrency prior to its capitulatory drop last week that sent it to lows of $6,400.

It does appear that this support region is holding strong for now, but the recent selling pressure has been quite strong and may extend further in the near-term, possibly leading BTC down to its next key support level at $7,000.

TradeXO, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes BTC is bearish as long as it is under $7,400, which means that a revisit of its recent lows could be imminent.

“$BTC: Will be looking to add to shorts from 7610’s at the blue level – underside of 7k. Will scale out if price reclaims 74s,” he explained while pointing to the chart seen below.

https://twitter.com/TraderX0X0/status/1209561312877002753?s=20

Analyst: BTC’s Overall Trend Remains Firmly Bearish 

The latest uptrend that Bitcoin experienced following its movement from $6,400 to $7,700 led many analysts and investors to grow bullish on the cryptocurrency, but it is important to note that BTC’s overall market structure still remains firmly bearish.

Cantering Clark, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying that the latest rally didn’t lead to a structural break of the downtrend, which he anticipates to extend further.

“Why did I not hop on the bull train and stay looking for a short? – That was a micro-structural break. Nothing changes until something major changes. – Higher Delta / Aggressive Buying and a lower H-L advance is always one of the first signs I pay attention to,” he said while pointing to the indicators seen on the chart below.

Why did I not hop on the bull train and stay looking for a short?

– That was a micro-structural break. Nothing changes until something major changes.

– Higher Delta / Aggressive Buying and a lower H-L advance is always one of the first signs I pay attention to. $BTC pic.twitter.com/EL4iGsbExv

— Cantering Clark (@CanteringClark) December 24, 2019

If BTC breaks below the support it has established between $7,000 and $7,200, it is highly probable that it will once again drop until it revisits its recent lows of $6,400.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
TweetShare20
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

2 days ago
Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

2 days ago
btcu

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

3 days ago
Can Blockchain Help Enterprises Navigate GDPR Headaches?

Can Blockchain Help Enterprises Navigate GDPR Headaches?

3 days ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.