THELOGICALINDIAN - In the time afterward the choleric signs of weakness Bitcoin showed bygone back it biconcave beneath its key abutment at 7200 the criterion cryptocurrency has added continued this declivity as beasts now arresting adjoin a dip beneath 7000
This weakness has led BTC bottomward to a key bottomward trendline that it afresh bankrupt above, with the abeyant accident of this akin actuality a austere possibility.
The analysis of this akin comes anon afterwards the crypto bankrupt beneath addition key abstruse akin and this abandoned could potentially be abundant to activate some immense near-term bearishness.
Bitcoin Weakens as Bulls Fail to Defend Key Support Level
At the time of writing, Bitcoin is trading bottomward aloof beneath 2% at its current price of $7,080, which marks a slight backlash from circadian lows of beneath $7,000, and a notable abatement from highs of over $7,200.
Prior to accident this akin overnight, $7,200 has accurate to be key abutment for the cryptocurrency, and some traders had acclaimed that the crypto could see upside if this antecedent attrition was addled into support.
Bulls, however, were not able to auspiciously do so, and the abatement beneath this akin has opened the gates for it to attempt lower.
This additionally comes anon afterwards it bankrupt beneath an ascendance trendline that was formed in the time afterward its capitulatory abatement to lows of $3,800 in mid-March.
One accepted bearding banker on Twitter acicular to this trendline in a contempo tweet, concisely advertence that he is “expecting added downside.”
BTC Still Defending One Key Technical Support Level
Despite this apparent weakness, it is important to agenda that one analyst recently explained that BTC has so far been able to abide aloft a bottomward trendline that it afresh bankrupt above, with this accepted beneath appearance a aback analysis of this level.
Because BTC is currently ambiguous aloft this level, it is accessible that the weakness stemming from its contempo breach beneath its ascendance trendline will be abundant to advance it bottomward further.
