Bitcoin Rejected at 7500 which could Trigger a much larger drop
The performance of BTC has been bullish for some period before now. Nevertheless, each time it surges to the upside, it experiences a powerful rejection and leads to a total correction of its gains. It happened some hours ago as its price attained highs around $7.5k but could not continue to the upside.
It was rejected and may have initiated a notable fall. According to analysts at the moment, it is possible for BTC to fall back towards $7k before securing adequate support to stop its correction.
At press time, the price of Bitcoin was below 1 percent at $7,245, representing a significant fall from its daily highs around $7.5k that were put in place at the height of a rally.
As it is rejected on every attempt, it shows that BTC buyers are weak and notable additional fall in the near-term could be imminent.
A look at the pattern of the upsurge that leads to powerful rejection within the previous several days confirms the bearish stand of BTC. For instance, there was an upsurge to $7.7k in the previous weekend and the price lost it gains thereafter.
The perspective of the renowned crypto analyst known as HornHairs about the recent rejection noted that the bearish divergence, strong rejection, and negative price action from CME futures expirations are pointing to the likelihood of additional declines ahead.
Bear div coupled with a hard rejection after a sweep… Think we see some downside from here.
— HornHairs 🌊 (@CryptoHornHairs) December 26, 2019
There is likelihood that Bitcoin will secure progressive support close to the lower area of $7k in the near-term. However, no one knows whether or not the sellers will be strengthened by the latest rejections to take BTC to the downside.
Featured image courtesy of Dreamstime. Source: Cryptopress.