Bitcoin has continued to remain firmly in control of the its bears, as BTC has failed to garner and maintain any upwards momentum over the past several weeks, signaling that it may see significantly further downside in the near-term.<\/p>\n
Analysts are now noting that a failure for it to maintain above its immediate support level could spark significantly further losses that could lead it as low as $5,800 in the near-term, which would mark a massive retrace from its recent highs of $10,600.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 3% at its current price<\/a> of $7,100, which marks a slight climb from its multi-day lows of $6,700 that were set during its latest sell-off, but its strong bounce from this level has begun to lose its momentum \u2013 meaning that further downside could be inbound.<\/p>\n BTC\u2019s ongoing downtrend was first sparked when it failed to maintain the momentum it garnered when it surged to highs of $10,600 in late-October, and its inability to maintain this momentum may point to underlying weakness amongst the crypto\u2019s buyers.<\/p>\n In the near-term, BTC\u2019s next key support level currently exists at $6,400, which may be the region that sparks the next bull rally to $11,000, according to one prominent analyst.<\/p>\n The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet while referencing a large falling wedge that BTC is currently trading within.<\/p>\n \u201c$BTC: Reaching last months wedge apex. Support is at $6.4k. Breakout will be glorious run to $11k,\u201d she noted while referencing the chart seen below.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptomist\/status\/00749313?s=20<\/p>\n Although The Cryptomist believes that BTC<\/a> will find enough support at $6,400 to spark a bull rally, other analysts believe that the crypto could soon see a movement to the upper-$5,000 region.<\/p>\n CryptoBirb, another popular analyst on Twitter, spoke about this in a recent tweet, telling his followers that a daily close below $7,300 could lead the embattled cryptocurrency to drop to $5,800.<\/p>\n \u201c$btc weekly. close above 7.3k -> targets 7.9k; 8.35k (decent short entry) (MA50\/100 held this way). close below 7.3k -> 5.8-6.2k (decent DCA MTF longs). I still rather zoom out and play the big picture,\u201d he noted while pointing to the chart seen in the below tweet.<\/p><\/blockquote>\n $btc<\/a> weekly — Adrian Zdu\u0144czyk, CMT (@crypto_birb) November 24, 2019<\/a><\/p><\/blockquote>\nWill BTC Breakdown Perpetuate a Movement to $5,800?<\/strong>\u00a0<\/strong><\/h2>\n
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close above 7.3k -> targets 7.9k; 8.35k (decent short entry) (MA50\/100 held this way)
close below 7.3k -> 5.8-6.2k (decent DCA MTF longs)
I still rather zoom out and play the big picture\ud83d\udc4a pic.twitter.com\/YcB09P3Gzq<\/a><\/p>\n