The downtrend that was sparked by Bitcoin\u2019s recent rejection at $7,500 has continued to hold strong, as the cryptocurrency is now moving down to its key support level at $7,000, and it remains unclear as to whether or not this long-established support level will continue to hold strong.<\/p>\n
Despite this near-term bearishness, analysts aren\u2019t feeling too bearish on the cryptocurrency at the moment, as one prominent trader is noting that he is looking to enter fresh BTC bids in the $6,800 to $7,000 region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 1% at its current price<\/a> of $7,215, which marks a notable decline from its 24-hour highs of $7,400 that were set earlier this morning just before the cryptocurrency hit a massive bastion of resistance that sparked today\u2019s sell-off.<\/p>\n BTC has been forming a bearish pattern of each and every attempted rally being halted by bears, with the strength of each rally attempt declining as time drags on.<\/p>\n Although the support that exists in the lower-$7,000 region has continued to hold strong, it is important to note that the lack of sustainable strength amongst the cryptocurrency\u2019s bulls\u2019 signals that it may not hold above this support for much longer.<\/p>\n FlibFlib, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that all of Bitcoin\u2019s are currently bearish, which comes at a time where many analysts are growing increasingly bullish on the crypto.<\/p>\n \u201cCT turns $btc bull as the indicators go bear,\u201d he explained while pointing to the indicators seen on the charts below.<\/p><\/blockquote>\n CT turns $btc<\/a> bull as the indicators go bear. \ud83d\ude92\ud83d\udd25 pic.twitter.com\/8kHwoXOpHY<\/a><\/p>\n — f i l \u20bf f i l \u20bf (@filbfilb) December 31, 2019<\/a><\/p><\/blockquote>\n\n