The Critical Level Bitcoin Must Sustain

The Bitcoin bears have got their claws well deep into the leading cryptocurrency now. Currently priced at just above the $6.6k mark, the digital asset is going through a rough time right now, there’s no doubt about it. 

In the middle of last month, the price took an even further fall to $6.5k. At this point, it was just enough to spark a Bitcoin rally but it currently appears that there isn’t enough fuel for the fire, so to speak. Analysts still believe it is a critical level though and the bulls must defend it, if they don’t want BTC to incur significant further losses in the short-term.

A well-known cryptocurrency analyst, Cantering Clark on Twitter, explained that $6.5k is a vital level for the leading cryptocurrency. This is where a most orders currently exist. He adds that this could result in a “liquidity event.”

“6500 is one of those key areas that brings even more participants into the mix. Anyone who waited for it to break before committing long earlier in the year, if not having exited already, will likely exit now. Break it and we have a liquidity event.” 

Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

Another popular crypto analyst Loma took to Twitter to comment on the matter too. He highlighted that he is keeping his eye on the next major down movement and sees it at a good opportunity for the crypto.

$BTC

And like we thought, $6,800 did not hold this time.

More down but golden long opp is coming up imo. Starting to see sentiment and goal posts changing with PA starting to accelerate.

Give me a chad bear candle and I’ll fade it.

— Ol' Saint Loma (@LomahCrypto) December 17, 2019

It will be interesting to see where the price goes from here. For more news on this and other crypto updates, keep it with CryptoDaily!