After attempting to propel Bitcoin (BTC) higher yesterday, the cryptocurrency’s bulls lost some of their strength, allowing bears to push the crypto back down to $7,200 – which appears to be a key support level for the cryptocurrency that buyers have continued defending.
One analyst is now noting that buyer’s ability to defend this level in spite of seller’s current strength could mean that further bullishness is imminent, but analysts remain conflicted on whether or not this rally will be sustainable.
Bitcoin Loses Upwards Momentum, But Bulls Ardently Defend $7,200
At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,290, which marks a slight decline from its daily highs of $7,500 that were set yesterday when bulls attempted to rally the cryptocurrency’s price.
Earlier this morning, this momentum was lost and the crypto plummeted to its near-term support at $7,200, and its slightly bullish reaction to this level further confirms its status as a key support level.
It is highly likely that BTC will find some support around $7,000 if bears are able to push it below its near-term support level, with a drop below this level potentially leading it back into the