Bitcoin (BTC) Price Might Drop Below $7,000 After Failing to Break Above Key Resistance Level

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Mon, 12/30/2019 - 05:59
Alex Dovbnya
Sorry bulls, the ball is not in your court yet as Bitcoin faces a possible drop below the $7,000 level
Cover image via 123rf.com

Things have turned south for Bitcoin, the world's leading digital currency, after its attempt to break above the $7,700 level was brutally rejected once again.  

Now, according to cryptocurrency trader Josh Rager, the top cryptocurrency could make another lower high after bulls failed to push the BTC price higher. A succession of higher lows means that Bitcoin is still in a downtrend, and a significant drop could be on the cards. 

 

image by @Josh_Rager

Marker analyst Kevin Svenson points to the fact that Bitcoin is still caught in a five-month falling channel. According to Svenson, the recent retest of the resistance didn't mean anything for the bulls.           

image by @KevinSvenson_

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Trader Nebraskan Gooner has provided an update on his fractal analysis, predicting a drop below the $7,000 level. Conversely, BTC could surge up to $8,000 if it manages to record a convincing break above the recent high. 

image by @nebraskangooner

Even though a dip below $7,000 seems very likely at this point, Charles Edwards of Capriole Investments recently opined that Bitcoin might never trader under $6,000 again the Hash Ribbons indicator flashed a rare buying opportunity.      

At press time, the leading cryptocurrency is changing hands at $7,369. Notably, BTC's dominance has slipped below the 68 percent level on the heels of Ethereum's five percent price increase.          

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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