Market Analysis: Bitcoin (BTC) Drops to as Low as $7,500 but Rebounds to $7,700 Crypto Market in Red

Bitcoin (BTC) has had a volatile past 24 hours. At midnight Eastern time, Bitcoin (BTC) was just below $7,900. Around 8 a.m., Bitcoin (BTC) began to decline, dropping to as low as $7,500 at 2:30 p.m. Bitcoin (BTC) managed to rebound in the past couple of hours, however, and is currently trading near $7,700.

It appears Bitcoin (BTC) has local resistance and support at $7,900 and $7,500 respectively. Longer term support lies near $7,000, which is the level to watch to see if Bitcoin (BTC) will make a significant bearish downturn. Longer term resistance is at the 2019 high of $9,000, and this is the level to watch to see if Bitcoin (BTC) can restart the recent bull run.

The crypto market is generally in the red today. Ethereum (ETH) is down 1.2%, Bitcoin Cash (BCH) is down 2.9%, EOS is down 4.1%, Bitcoin SV (BSV) is down 11.1%, Stellar (XLM) is down 0.4%, Tron (TRX) is down 5.2%, Cardano (ADA) is down 2.9%, Monero (XMR) is flat on the day, Dash (DASH) is down 2.5%, IOTA (MIOTA) is down 2.5%, Cosmos (ATOM) is down 0.9%, Ethereum Classic (ETC) is down 4.8%, NEO is down 2.4%, Zcash (ZEC) is down 1.1%, and Dogecoin (DOGE) is down 0.2%.

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