- Bitcoin bulls are awake to ignite a massive price rally
- Bitcoin recovers over the $7k level after an increase of about 8 percent
- Has Bitcoin bottomed out?
Bitcoin News Today – Bitcoin recently experienced a sharp decline down to a seven-month low of $6,400. However, the overnight drop has resulted in the digital currency incurring an enormous amount of bullish momentum that has pushed its price back over the $7k level. This bullish movement came after the world’s largest cryptocurrency by market cap tested a key support level. The response to $6,400 shows that the bulls may presently have more strength than they previously thought.
Bitcoin Bulls Fight Back as It Surges by 8 Percent
At press time, the price of Bitcoin is up by about 8 percent, leaving BTC/USD price at $7,188, which is an enormous increase from its daily low of $6,400. The $7k mark had been proven to a strong support level for BTC and the bulls have defended that level over the past week before the bears pushed it below that level on Tuesday.
Bitcoin (BTC) Price Today – BTC / USD
The plunge below this level ignited a capitulatory downturn instantly, which resulted in BTC setting a new multi-month low at $6,400, a level that closely coincides with a crucial long-term support level. A prominent crypto analyst – Peter Brandt – said something about this support level in a recent tweet. The analyst pointed to a chart that elucidates the importance of this support level to the macro uptrend of Bitcoin (BTC). In a tweet, he said:
“Bitcoin has apparently held at important support,”
— Peter Brandt (@PeterLBrandt) December 18, 2019
Has Bitcoin Bottomed Out?
Because bulls were able to ardently defend this level and ignite a move that seems to be sustainable momentum, it seems that the $6,400 mark may ultimately mark a long-term bottom for the digital currency. This might allow the markets to see a much-needed relief rally. Many traders and investors have been waiting for the digital currency to bottom so it could start a fresh rally into the New Year.
If bulls are able to hold the digital currency over its previous support level at $7k in the short-term, bulls might shift the tides of the recent downward trend back into the favor of buyers. This might allow Bitcoin (BTC) to post more gains towards the close of 2019. At press time, the immediate support of the coin is at the $7,100 mark and the major support is at the $7k level. Whereas, the digital currency is facing a slight hurdle on the upside at the $7,220 mark. A break over this level will pave the way for more gains towards the $7,400 mark.