{"id":58921,"date":"2019-12-18T00:05:41","date_gmt":"2019-12-17T22:05:41","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58921"},"modified":"2019-12-18T00:05:41","modified_gmt":"2019-12-17T22:05:41","slug":"6500-is-a-critical-level-for-bitcoin","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/6500-is-a-critical-level-for-bitcoin\/","title":{"rendered":"Here\u2019s Why $6,500 is Such a Critical Level for Bitcoin"},"content":{"rendered":"
Bitcoin\u2019s bears have had a field day with Bitcoin today, forcing it back down to its key support levels at $6,500, which was where it has found significant support in late-November during its massive drop.<\/p>\n
Although this support was previously enough to spark a BTC rally, it currently appears that this level may be growing weak, but analysts still believe it is a critical level that bulls must defend if they want to stop BTC from incurring significantly further losses in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down 4% at its current price of $6,600, which marks a notable drop from its daily highs of $7,200.<\/p>\n Today is the second day that Bitcoin has faced notable losses, with its price dipping below the all-important $7,000 support level yesterday before continuing its downwards descent today.<\/p>\n The embattled cryptocurrency was able to find some support at $6,500 today, although the strong selling pressure at the momentum may be too much for bulls to handle, meaning that significantly further losses could be imminent.<\/p>\n