All bulls want for Christmas this holiday season is to push Bitcoin price higher and prevent a further downtrend back into a full-blown bear market.
But unless Bitcoin price can reclaim key support at $7,400, bullish crypto investors are going to have a bad Christmas, according to one crypto analyst.
Bitcoin Price Must Reclaim $7,400 Support Or Risk The Naughty List
At the close of October, Bitcoin price was trading above well above $9,000 following a news-driven short-squeeze that caused the first-ever cryptocurrency to set its third-largest single-day gain in its history, pushing the price of the asset from support at $7,400 to as high as $10,500.
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But before November could close, the leading crypto asset by market cap had fallen nearly a third in price, to $6,500 at its recent local low. Now, with December in full swing and the holidays around the corner, bulls are left wondering if they’ll get the thing they’ve wished most for this year: bullish Bitcoin.
According to one crypto analyst, $7,400 – the level that triggered the massive impulse rally – represents a key support level, now acting as resistance, that must be reclaimed by bulls for a chance to get their Christmas wish.