After holding Bitcoin\u2019s price above its key support that had been established within the lower-$7,000 region, the cryptocurrency\u2019s bears have prevailed over bulls, and are now attempting to hold BTC below its previous support at $7,000.<\/p>\n
Analysts are now noting that the crypto could soon see a strong bounce, as it is currently in the process of forming a bullish bottom formation that could be confirmed if BTC posts a bullish response to the $6,500 to $6,600 region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 3% at its current price<\/a> of $6,950, which marks a notable decline from its recent highs of $7,500 that were set this past weekend when bulls attempted to drum up some upwards momentum.<\/p>\n The strong rejection at this level is what sparked the downtrend that has led the crypto below $7,000, and a failure for bulls to garner significant strength in the near-term could spell serious trouble for where the crypto trends throughout the first quarter of 2020.<\/p>\n It is important to note that the cryptocurrency\u2019s current price region could provide enough support to catalyze the next rally.<\/p>\n Big Chonis, a popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that Bitcoin has now reached its confluence support at the lower boundary of a descending wedge, which could mean that it will soon post a strong bounce.<\/p>\n \u201c$BTC – looking for \u201csome\u201d support here at the confluence of the 61.8% retrace and the lower wedge support….#bitcoin,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> – looking for \u201csome\u201d support here at the confluence of the 61.8% retrace and the lower wedge support….#bitcoin<\/a> pic.twitter.com\/sEx6Qs5maj<\/a><\/p>\n — Big Chonis Trading\ud83c\udf44 (@BigChonis) January 2, 2020<\/a><\/p><\/blockquote>\n\n