Recent Bitcoin prices have been trending steadily downward, and now the leading cryptocurrency stands on the precipice of the critical $7000 mark.
If Bitcoin breaks below $7000, it will be the first time since the doldrums we experienced late this past spring – that is, barring the flash crash that occurred last week.
Traders are battening down for a possible downturn in value – William Suberg at Cointelegraph reports notable investor Michael van de Poppe calling Bitcoin’s current status “boring and fragile,” (that makes sense) while filbfilb, a much-followed part of the commentariat, says things are still positive long term, with the following comment:
“Overall I am bullish pre-halving, its just a matter of trying to micromanage the mid term optimal entry.”
Over at Coindesk, analyst Omkar Godbole notes the potential for a minor price bounce, though ending on a concession that the bears could be walking all over BTC in the shirt term:
“A break below the immediate support at $7,087, if confirmed, would bolster the bearish setup and open the doors for a re-test of recent lows near $6,500,” Godbole writes.
“Now … Bitcoin is trading for $7,200 — a far cry from the five-digit price point we all saw earlier this year,” adds Nick Chong on NewsBTC, chronicling some of the concerns of the average day trader. “The purported reasons for the fall are all over the map: some say it was the PlusToken scam, others say BTC just underwent an “echo bubble,” rallying and collapsing in quick succession as if it was trading in a condensed market cycle. Whatever the case, investors are waiting for the cryptocurrency to show signs of bottoming, so the next market cycle can begin.”
Keep an eye out through the end of the week to see whether Bitcoin gets a shot in the arm, and how that ripples into cryptocurrency markets as we approach the end of the year.