- Bitcoin price bulls desire to nurture the uptrend hits a wall pat $7,000 as bearish grip strengthens.
- A bearish flag pattern support break would trigger declines likely to shatter several support areas to test $2,400.
Bitcoin price is trading significantly higher from the recently formed 2020 low at $3,864. However, the king of cryptocurrencies is still in grave danger of declines that could overshoot this year’s low. This is because bearish pressure still hovers and unlikely to be ousted in the next few weeks due to the cloud of fear hovering in the market.
Coronavirus pandemic’s negative impact has touched every financial market. This impact is likely to continue in the coming months while recovery will even talk longer. For this reason, many investors are skeptical about the ongoing recovery as uncertainty in the global economy could see more support shattering downward moves in the near future.
Meanwhile, Bitcoin is trading at $6,815. It has been unable to break the stubborn seller congestion at $7,000, making it a tipping point for both the sellers and the buyers. The longer BTC/USD stays under this zone, the stronger the bears…
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Author: John Isige