Bitcoin Bulls May Long BTC, But the Cost Is Going Higher as BTC/USD Drops Below $7,500

As the price of bitcoin dips back below $7,500 USD today, analyzing the crypto market shows that the cost to long BTC is consistently rising and could spell out what the future looks like.

  • Presently, Bitcoin is resting at the $8,000 price level.
  • Traders will need to watch the movement of Bitcoin over the next few days to see if momentum picks up.

Bitcoin has remained relatively stubborn in its price lately, following the downward movement towards $8,000, considering the lack of momentum.

The bullish Bitcoin supporters have remained faithful throughout the bearish times of cryptocurrency, and margin traders have accepted the current price while continuing to stack long positions. If history repeats itself, this decision may result in continued lack of movement.

Presently, Bitcoin is priced at $8,024.52, dropping by 2.21% in the last 24 hours. This is notable for the fact that it reached a daily high just over $8,200, which happened when bulls made a push for upward movement but unfortunately failed. The rejection resulted in BTC tumbling back down to the $8,000 support level, which has been holding strong.

Analysts believe that Bitcoin will see a move down to $7,700 next, which it could hold for the long term. One crypto analyst – UB – posted on Twitter about the price, stating that the move down to the aforementioned price could happen next, adding that the price action was a lot like what the asset had experienced earlier on in the month. The analyst explained:

“$BTC – That was a disappointing h4 close. Similar PA has been repeating since early November. To further confirm this argument, I’d like to see the EQ flip into Resistance. My next area of interest for a long is ~$7.7k.”

He also included the following chart in his post:

Bitcoin BTC

The rising cost to long Bitcoin on these margin trading platforms may be worth watching, as it happens when the bulls for Bitcoin stack long positions when bearish price action occurs.

Another popular analyst named Big Chonis also tweeted about the movement, saying that high funding rates for long positions typically precede BTC’s dumps. This is a sign that another downward movement could be coming.

Ultimately, the next few days may show if the trend will continue going forward, or if the Bitcoin bulls will come in and send the price of the asset up again.

The cost of Bitcoin has declined recently, and there are analysts that believe that the price isn’t done dropping yet. Is the activity of Bitcoin bulls enough to push it back up for the long term?

Bitcoin (BTC) Live Price

1 BTC/USD =$18,364.6961 change ~ -1.15%

Coin Market Cap

$340.4 Billion

24 Hour Volume

$9.88 Billion

24 Hour VWAP

$18.44 K

24 Hour Change

$-211.2849

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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