The Bulls Will Have To Defend Bitcoin’s $6,800 Support Level
Should It Pull Back, The Bullish Will Have To Defend Bitcoin’s $6,800 Support Level
Bitcoin had crossed the $7,500 resistance level but quickly pulled back to $7,400 which signaled that although it has made impressive strides over the past two days, there is still more work to be done by the bullish.
For many, it is almost unbelievable that bitcoin has risen by 30% from its lowest level in June. Before it finally broke free on Monday, bitcoin had been successful in defending the long-term support of $6,000, finally breaking the $6,800 resistance level two days ago and keep running to 7500
What’s The Next For Bitcoin?
So, will this bullish ends? Being that this is not the first time that bitcoin has made an impressive rally, only to disappoint and fall back, the question has been if the run is going to last. Or is it a temporary rally being propelled by a number of positive announcements within the industry. Unfortunately, it is too early to tell
. It, however, remains adamant that if the prices should slide back the bullish need to defend the $6,800 support level if bitcoin is to stand a chance at another rally.
During this recent rally, bitcoin has broken a few resistance levels which indicate that the bulls are taking the driver’s seat, however, given that bitcoin is still miles from its all-time high of over $20.000 there is still a lot of work to be done, especially because the price could still slip up.
Currently, bitcoin is enjoying a $7,400/7,300 support level that has been consistent for the past two days and hence there’s no imminent threat of a bearish trend setting in.
Given that bitcoin could still slip below $7,300, it is likely that the second support level would be $7,200, followed by $7,100 and finally $7,000, however it is empirical that it slips below the $7,000, of which if it does, it would trigger a bearish trend.