Bitcoin\u2019s recent bullishness has been thwarted by bears who have attempted to push the cryptocurrency back down to its support within the lower-$7,000 region, and it is imperative for bulls to support BTC above this region if they want to further extend their upwards momentum.<\/p>\n
Analysts are noting that Bitcoin\u2019s current market structure does appear to favor bulls, and an unfilled gap on the crypto\u2019s CME future\u2019s chart may signal that further losses are imminent for the embattled cryptocurrency.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down 4% at its current price<\/a> of $7,290, which marks a notable retrace from its daily highs of $7,600 that were set at the peak of the recent price rally that was halted when it reached this resistance region.<\/p>\n Following the sell-off that was sparked by Bitcoin\u2019s movement to resistance at $7,600, the crypto was able to find significant support around $7,200 that allowed it to climb back up to highs of $7,550 before it once again found significant resistance that halted its momentum.<\/p>\n BTC<\/a> is currently hovering around its key support that exists within the lower-$7,000 region, and a failure to hold above this level could spark another capitulatory drop into the $6,000 region.<\/p>\n HornHairs, a popular crypto analyst on Twitter, explained in a recent tweet that he is looking to short BTC until it reaches its open CME futures gap below $7,200, which could be where it finds support that allows it to climb higher.<\/p>\n \u201c$BTC short scalp. Gap wasn’t completely filled on the CME chart… With price looking to close as a sweep into a fresh supply zone at the moment, I think there’s a good chance we close the rest of the gap next,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> short scalp<\/p>\n Gap wasn't completely filled on the CME chart… With price looking to close as a sweep into a fresh supply zone at the moment, I think there's a good chance we close the rest of the gap next. pic.twitter.com\/OYwaA23pWQ<\/a><\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) December 24, 2019<\/a><\/p><\/blockquote>\n\n