Bitcoin’s Trend in 2020 Highly Depends on Response to Critical Level
After a long period of trading sideways close to around $ 7,200, BTC’s bears regained control of the cryptocurrency and sent it to a significant support level. So far, the BTC bulls have maintained this level, but it is unclear whether it will continue as the weekend progresses.
Based on the analysis, the BTC support level at the moment is Bitcoin’s “pivotal level,” and the manner of Reaction to this level may establish its Direction for the first part of the coming year.
At press time, BTC’s price was on the downside by 2 percent at $7,100, representing a remarkable downtrend from its daily highs of $7,300 established in the previous day. It has moved to the main support level significantly since Bitcoin declined to lows of $6,500 at the end of November. After Bitcoin bounced from this level, it has remained over $7,000, as buyers remained strong.
BTC Trend Analytics
A crucial observation by a renowned analyst on Twitter (TraderXO) is that it seems to be much more than a near-term support level. According to the analyst, a close under this level may take the cryptocurrency BTC to $6,500.
The buyers need to take the price to $7300 for Bitcoin to return to the mid-$7,000 zones.
According to another renowned analyst on Twitter, Josh Olszewicz, BTC’s price action at the moment is in favor of the likelihood of additional declines.
Market participants will have insights into BTC’s trend in the remaining days of 2019, as we move to the next year because a move under $7,000 may lead to a fresh major downtrend to remarkably additional losses.
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