Bitcoin after trading below $8,000 mark yesterday many analysts had predicted that the price was likely to dive down to low $7,000. But the price of the leading cryptocurrency bounced back to around $8,400. At the time of writing, it is trading at $8,422.
However, analysts are suggesting that it is likely that this rise is just a breather before BTC breaks a major support level. If BTC breaks below $7,700, it is expected to test the next support level at $7,200. If bitcoin manages to break and close above the 200-day MA, which is at $8,400, that might indicate the BTC is on its way of recovery after the recent crash.
Last week BTC dropped from $9,500 to around $8,000 and then later traded at $7,800. After the fall many trend analysts had asserted that the price would continue to follow a downward trend. The current rise might excite the bulls, but analysts are still suggesting that BTC is likely to remain bearish in the short term.
Let us know in comments what do you think about the current rise and where do you think the price of leading cryptocurrency is headed?