Bitcoin (BTC) has continued to trade sideways around $8,000 after recovering slightly from its recent drop to the upper-$7,000 region, but its bulls have failed to garner any notable upwards momentum following this slight recovery, which may spell trouble for its near-term price action.<\/p>\n
Analysts are now noting that Bitcoin\u2019s \u201cbedrock\u201d support in the near-term currently exists around $7,000, and the aggressive selling that the crypto has incurred in recent times may mean that a visit to this level is imminent in the near-future.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nominally at its current price<\/a> of $8,040, which marks a slight recovery from its recent lows of $7,900 that were set earlier this week.<\/p>\n It is important to note that the upper-$7,000 region has proven to be a strong level of support for the past several days and weeks, but BTC\u2019s bulls have failed to post any notable extension of the upwards momentum that is incurred with each time the crypto visits this region.<\/p>\n DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin\u2019s near-term bedrock support exists around $7,000, which may be the ideal price region for traders to enter long positions.<\/p>\n \u201c$BTC update: Still no close above $8750. Still looks pretty shitty. I’m bearish until BTC starts reclaiming levels instead of getting rejected by them. Next resistance: $8200. Next support: $7700. Next support that I’d trust to trade on the long side: $7000,\u201d he explained while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> update:<\/p>\n Still no close above $8750. Next resistance: $8200 — DonAlt (@CryptoDonAlt) October 20, 2019<\/a><\/p><\/blockquote>\n\n
Still looks pretty shitty.
I'm bearish until BTC starts reclaiming levels instead of getting rejected by them.<\/p>\n
Next support: $7700
Next support that I'd trust to trade on the long side: $7000 pic.twitter.com\/jzrxFFZrHO<\/a><\/p>\n