Bitcoin Price Slides to $7,200 as Market Sentiment Turns Bearish

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    Bitcoin is very likely to drop below the $7,000 level once again as bulls continue to lose steam

Bitcoin Price Slides to $7,200 as Market Sentiment Turns Bearish
Cover image via u.today

The Bitcoin (BTC) price has dropped to the $7,200 level as bears continue to exacerbate selling pressure, CoinStats data shows. 

Bitcoin Price
image by coinstats.app

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Crypto NebraskanGooner has provided yet another update on his fractal analysis, claiming that he expects the BTC price to experience "some sort" of drop shortly. For the past week, Bitcoin has remained range-bound, which means that another volatile move might be in the offing.

However, NebraskanGooner doesn't expect BTC to closely follow the 2014 fractal since the coin tends to be less volatile. Hence, it is unlikely that the highly expected drop will be in the double-digit territory. 

Bitcoin Price

Even if the BTC price does drop to the $5,500 level, some crypto traders see the recent gold cross (Bitcoin's 50-day MA surpassing the 100-day MA) as a good reason not to capitulate. They expect to pocket great returns in the run-up to the Bitcoin halvening event in May 2020.      

However, as reported by U.Today, the golden crossover that happened on the weekly chart whose predicting power is very limited. As of now, Bitcoin needs to break out of its bearish channel to put the bulls back in power.  

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.

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