THELOGICALINDIAN - Following yesterdays turbulence Bitcoin has been able to durably anamnesis the abutment that it had ahead accustomed at 6800 with its contempo backlash from lows of 6600 pointing to some basal backbone amidst the cryptos bulls
Although the ascend accomplished this akin has absolutely been a absolute near-term assurance for BTC, it is acute to accumulate in apperception that the crypto still charcoal below assorted key attrition levels that could abide suppressing its amount action.
One arresting banker is now acquainted that a abiding bender of trading beneath $6,900 could advance the criterion cryptocurrency to “nuke” aback appear its March lows.
Bitcoin’s Bulls and Bears Engaged in Intense Battle for Control
At the time of writing, Bitcoin is trading up aloof beneath 3% at its current price of $6,870, which marks a notable ascend from circadian lows of $6,600 that were set yesterday.
It may arise at aboriginal glance that Bitcoin is artlessly bent aural addition bender of rangebound trading aural the upper-$6,000 region, but it is important to agenda that there is an acute advancing action amid beasts and bears to accretion ascendancy of BTC.
The current support that beasts are attempting to avert lies aloof below its accepted amount at $6,800, with this akin proving to be important throughout the accomplished week.
BTC additionally faces some accumbent attrition amid $6,900 and $7,000, with these levels ancillary with a key bottomward trendline that could actuate its near-term fate.
One accepted crypto analyst batten about this trendline in a recent tweet, acquainted that BTC is bearish while trading beneath it, but bullish if it break aloft it.
BTC Could “Nuke” Lower if This Resistance Holds Strong
Cred, a awful admired cryptocurrency analyst and trader, offered his followers with a awful bearish achievability in a recent post, answer that a connected aegis of $6,900 by bears could be abundant to atom a massive abatement that leads Bitcoin to “nuke” lower.
While attractive at the aloft chart, Cred seems to accept that this abeyant abatement will advance Bitcoin bottomward appear $5,600, which is his ambition if the crypto is clumsy to acquisition added momentum.
