Bitcoin Price Falls Below $7K But Bears Yet to Break Key Support Level
Horus Hughes's original article for cointelegraph.com reduced by 70%
Today, Bitcoin price abruptly dropped below the $7,100 support, declining 3.35% to rest near $6,900. For the past few days, Bitcoin price traded between $7,300 and $7,100, testing the $7,100 and $7,050 support multiple times. For many traders, it was no surprise when the price fell below $7,100 as frequent retests of support weaken it.
If the price is able to reverse course, traders will look for the price to pare today's losses, possibly extending to the Bollinger Band moving average at 7,200. As shown by the volume profile daily range, the price is supported at $6,800. If this level fails to hold Bitcoin could revisit $6,550, $6,400 and possibly $6,160, which lines up with the lower trendline of the long term descending channel.
As mentioned in previous market updates, below $6,160, $5,800 and $5,350 are the next levels where Bitcoin could appeal to buyers.
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CN [too long; didn’t read]
Summarised crypto news.