Bitcoin (BTC) has found itself caught firmly within a bearish downtrend over the past several weeks, which has led its price to plummet down to $7,000, with today\u2019s drop marking a full retrace of the gains that were incurred in late-October.<\/p>\n
Analysts are now noting that Bitcoin is currently trading at a key long-term technical support level, which has historically catalyzed massive movements when it is ardently defended by buyers.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down 12% at its current price<\/a> of $6,950, which marks a massive drop from its daily highs of nearly $8,000.<\/p>\n Bitcoin\u2019s overnight drop below $7,000 marked an extension of the downwards momentum that was incurred yesterday when BTC plummeted from $8,000 to the mid-$7,000 region.<\/p>\n In the near-term, it is highly likely that Bitcoin will pause its descent at this level, as the $6,900 to $7,200 range marks the crypto\u2019s \u201cgolden pocket,\u201d which may allow it to find some much needed buying pressure that catalyzes a short-term rally.<\/p>\n Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about this support level in a recent tweet, noting that it would be a \u201cshame\u201d to break below it.<\/p>\n \u201c$BTC – the \u2018golden pocket\u2019 has been hit… it would be a shame to lose it as support,\u201d he explained while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> – the \u201cgolden pocket\u201d has been hit… it would be a shame to loose it as support #bitcoin<\/a> pic.twitter.com\/XyTzLnPAGT<\/a><\/p>\n — BIG Chonis (@BigChonis) November 22, 2019<\/a><\/p><\/blockquote>\n\n