Bitcoin Reaches Pivoting Point as Bulls Defend Key Support Level; Is a Rally Inbound?

After attempting to propel Bitcoin (BTC) higher yesterday, the cryptocurrencys 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 buyers ability to defend this level in spite of sellers 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 cryptocurrencys 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 mid-$6,000 region.

Josh Rager, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes it is only a matter of time before Bitcoin plummets back into the $6,000 region.

$BTC – as long as $7150 holds, this will be a key area because its the point of controls, the area with the most volume traded in this range. But lets not kids ourselves, $6ks are coming again sooner or later. Prep your emotions, well get through this like always, he noted.

$BTC – as long as $7150 holds, this will be a key area because it's the point of controls, the area with the most volume traded in this range

But let's not kids ourselves, $6ks are coming again sooner or later

Prep your emotions, we'll get through this like always pic.twitter.com/hfNeD3YZ8O

Analyst: BTC at Pivoting Point that Could Spark Bullish Momentum

Although Rager believes that Bitcoin will see significantly further losses before it finds enough support to propel it higher, Mitoshi Kaku, another popular cryptocurrency analyst on Twitter, noted that BTCs ability to hold above $7,200 – in combination with other factors – could signal that further gains are inbound.

I shared this chart yesterday on the group. But today coming back from a few days off I was hesitant and cautious to open the long, but 7195 (WP Level) held really good, I longed 7200. Today is a pivot day on the 1D. Lets see if $BTC has legs, he said while pointing to the chart seen below.

I shared this chart yesterday on the group. But today coming back from a few days off I was hesitant and cautious to open the long, but 7195 (WP Level) held really good, I longed 7200. Today is a pivot day on the 1D. Lets see if $BT ...

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Tags: Bitcoin, United States dollar, Cryptocurrency, Support and resistance, Chicago Bulls, Rallying, preppy