Bitcoin Faces Rejection at 7700; Where is it Heading?
The performance of Bitcoin has been within a rigid uptrend over the previous several days. The major reason for this is the huge upwards momentum influenced by its tapping of $6,400 lows earlier in the previous week.
Following such momentum, the price of Bitcoin reached $7,700 today before meeting with remarkable hurdle that pulled it to the lower $7,000 zone. However, analysts anticipate the fleeting of this movement, and further extension of this move to the upside.
At press time, the price of Bitcoin was on the upside by 2 percent at $7,350, representing a little decline from its daily highs of $7,700 established in the week.
The price was swiftly rejected this morning and declined to as low as $7,250. However, buyers did not fail to support BTC over this level.
It seems that the rejection does not indicate a downturn for BTC but it is noteworthy that analysts anticipate further extension of its upwards momentum. This is because the latest decline may be influenced by Bitcoin filling an open CME gap close to its price levels at the moment.
According to a renowned crypto analyst known as HornHairs, the price of BTC should increase to its range highs of about $7.7k.
$BTC long scalp
Punted a long on the sweep below local lows…
Already took half off around here due to the CME gap being below price, making this a free ride.
Bear trap or gap fill? Let's see… pic.twitter.com/nXEeZz00Nm
— HornHairs 🌊 (@CryptoHornHairs) December 23, 2019
Market participants will have remarkable insight into the immediate direction that BTC will lead the entire cryptocurrency markets to, through the response of the bulls to this rejection in the hours ahead.
Featured image courtesy of Shutterstock. Source: CryptoPress.