Bitcoin May Be Entering a Buy Zone Despite Ongoing Downtrend

This bearish price action has ultimately led BTC to enter an incredibly tight trading range within the lower-$7,000 region, but analysts are now noting that the crypto may be poised for further upside in the near-term, as it may currently be trading within a buy zone. Analyst: Bitcoin in Firm Buy Zone Despite Perceived Bearishness At the time of writing, Bitcoin is trading up nominally at its current price of $7,150, which marks a slight climb from its daily lows of roughly $7,000 that were set yesterday when bears attempted to push the cryptocurrency below this key short-term support level.

TraderSZ – a popular cryptocurrency analyst on Twitter, explained in a recent tweet that today’s weekly close could offer significant insight into how the crypto will trend for the week ahead, with a close below $7,300 opening the gates for significantly further losses. Today’s upcoming weekly close will likely shine a light on whether or not the buy zone channel referenced by Dave The Wave holds clout, or if bears will continue to remain firmly in control of the cryptocurrency’s price action for the coming weeks and months.

Timeline of Bitcoin