After a brief period of consolidation, Bitcoin has once again made another downwards movement that has led it below its previous support level at $8,000. This latest bout of downwards momentum has opened the gates for significantly further losses, assuming bulls don\u2019t step up and propel BTC higher.<\/p>\n
One prominent analyst is now noting that a failure for BTC to maintain above its last-ditch support level at $7,700 would likely lead to a sharp and swift drop into the $6,000 region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 6% at its current price<\/a> of $7,670, which marks a notable retrace from its daily highs of $8,300 that were set yesterday during a fleeting rally that came about after bulls attempted to build some upwards momentum.<\/p>\n Previously, BTC had bounced on multiple occasions after tapping the $8,000 level, signaling that this was a strong support region for the cryptocurrency. Today\u2019s sharp movement to below this level, however, signaled that bulls have retreated from this level and may mean that further losses are imminent.<\/p>\n In the near-term, it is imperative that BTC closes above $7,700 or else significantly further losses could be imminent.<\/p>\n DonAlt, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that a failure for it to close above this level could spark a sell-off that sends it to $6,900.<\/p>\n \u201c$BTC update: This is why I don’t knife catch below a level that should’ve held in the first place.\u00a0Waiting for the daily close to see if we can at least reclaim $7700. If not I’m personally looking at $6.9k,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> update:<\/p>\n This is why I don't knife catch below a level that should've held in the first place. — DonAlt (@CryptoDonAlt) November 21, 2019<\/a><\/p><\/blockquote>\n\n
Waiting for the daily close to see if we can at least reclaim $7700.
If not I'm personally looking at $6.9k. pic.twitter.com\/z2B9J9NRwp<\/a><\/p>\n