{"id":230075,"date":"2019-06-11T09:29:34","date_gmt":"2019-06-11T13:29:34","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=230075"},"modified":"2020-06-19T00:31:13","modified_gmt":"2020-06-19T04:31:13","slug":"bitcoin-btc-strong-buying-in-fall-below-7000-investors-buy-dip","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-strong-buying-in-fall-below-7000-investors-buy-dip","title":{"rendered":"Bitcoin (BTC) to see strong buying in any fall below $7,000 as investors buy the dip, says analyst"},"content":{"rendered":"
Bitcoin, try as it might, is having immense difficulty maintaining a price above $8,000.<\/p>\n
This week any move above that level has found sellers coming to the fore.<\/p>\n
Indeed, bitcoin has been stuck in a wide trading range since the end of May, which Simon Peters, cryptocurrency analyst, sees as indicative of the overshooting price advance witnessed in the past few weeks.<\/p>\n
\u201cBitcoin is trading in a wide range from $7,500 to $9,000 following last week\u2019s double-digit price drop. Since hitting a top in May, its price moved downwards, testing $7,500 as a support \u2013 this level is still holding strong at the moment, but the bitcoin bulls will need to make their presence felt over the coming days to defend this threshold.\u201d<\/p>\n
The \u201cBart Simpson\u201d trading pattern is readily apparent on the chart, with at least three discernible formations since late May.<\/p>\n