After an extended period of trading sideways around $7,200, Bitcoin\u2019s bears have once again gained control of the cryptocurrency and have sent to a key support level. BTC’s bulls have so far been able to defend this level, but it remains unclear as to whether it will continue to hold as the weekend continues on.<\/p>\n
One analyst is noting that the current support level Bitcoin is trading at is a \u201cpivotal level\u201d for the cryptocurrency, and how it reacts to this level could set the tone for which direction it heads throughout the first part of 2020.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 2% at its current price<\/a> of $7,100, which marks a notable decline from its daily highs of $7,300 that were set yesterday.<\/p>\n Today\u2019s decline has led the cryptocurrency down to a key support level that has been holding strong in the time since the crypto plummeted to lows of $6,500 in late-November. In the time since BTC bounced from this level, it has not dipped below $7,000, as bulls have been ardently defending this level.<\/p>\n Importantly, this level appears to be much more than just a near-term support level, as TraderXO, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a close below this level could place BTC in a firm downtrend that sends it down to $6,500.<\/p>\n \u201c$BTC – Pivotal level,\u201d he concisely noted while pointing to the chart seen below.<\/p><\/blockquote>\n https:\/\/twitter.com\/traderx0x0\/status\/20272644?s=21<\/p>\n If bulls want to turn this ongoing drop around and help lead the cryptocurrency<\/a> back to the mid-$7,000 region, it is imperative that they push the crypto back to $7,300.<\/p>\n Josh Olszewicz, another popular cryptocurrency analyst on Twitter, spoke about this key level in a recent tweet, also explaining that Bitcoin’s current price action favors the possibility of further bearishness.<\/p>\n \u201c1D $BTC: @bbands. only this tight a few times over the past year. currently w\/bearish forecast. price > 7300 would be above 20SMA which would flip sentiment bull. eventual resolution of all moves of this caliber have resulted in initial 20%+ price swing,\u201d he noted while referencing a chart showing that a big movement could be imminent.<\/p><\/blockquote>\n 1D $BTC<\/a> @bbands<\/a> only this tight a few times over the past year<\/p>\n currently w\/bearish forecast<\/p>\n price > 7300 would be above 20SMA which would flip sentiment bull<\/p>\n eventual resolution of all moves of this caliber have resulted in initial 20%+ price swing pic.twitter.com\/VorbN1XpjJ<\/a><\/p>\n — #333kByJuly2025 (@CarpeNoctom) December 14, 2019<\/a><\/p><\/blockquote>\nAnalyst: BTC Requires Daily Close Over $7,300 for Bull To Take Control<\/strong><\/h2>\n
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