Price Watch: Is Bitcoin On A Downward Trend To $6,800?

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Over the last few days, the crypto market has been a little undecided on which direction to take, with top coins like Bitcoin swinging up and down in price. A few days ago, Bitcoin touched the $9k crest before plummeting all the way down to $7,718.

This baffling change has much thought about the future of this top crypto, with some like Josh Rager taking to Twitter to dish out their opinions.

In a tweet that has since garnered a few replies. Josh had a few things to point out about the current Bitcoin market situation. He said that in the current atmosphere, Bitcoin needs to close somewhere above the $8,203 if things were to get any better.

At Risk Of Downward Price Action

According to Josh, Bitcoin risks a further dip under the $8k mark if it doesn’t shore up to close at $8,200. In fact, while replying to a comment on the thread, Josh opined that if the top crypto doesn’t show signs of upward recovery, it could end up dropping to $7k.

However, one of the commenters on the thread had a rather radical opinion on the matter arguing that Bitcoin could actually go all the way down to $6,800, although there are still no signs to indicate that the current market stagnancy could end in a serious pull-back for Bitcoin’s price.

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BTC To Bump Back Up

As much as Bitcoin has been dilly-dallying between $8,000 and $8,700 for much of the past few days, it’s pretty certain that the number crypto still retains the bullish drive that pulled it out of the long crypto winter just a few weeks back.

That said, it’s generally agreed that although Bitcoin may face a short-term resistance as it struggles to break above the $8k support level, it’s still possible that it could close the year on a high note. At the moment, Bitcoin trades at around $8,003, with a current total market cap of $141.86 billion and a daily trading volume totaling $23 billion.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.