Bitcoin (BTC) Bulls Need To Show Up Soon Or Risk Losing $7K Position

Since the turn of the year, the bulls have been nowhere to be seen. Though it’s only been two days since the world celebrated the new year, it’s becoming of concern that the bulls are in hiding. The bears, in the two days, have continued to drag Bitcoin prices. After ushering in the new year trading above $7,200, prices have now fallen to the $7,150 region.

Even at the time of writing this, Bitcoin is in the red. The leading digital asset is down by around 1%, the same number it was recording yesterday. At the look of things, the bulls seem to have taken a step back with many Bitcoin holders hoping that it’s not exhaustion.

Fortunately, Current numbers show that the bears are yet to take advantage of this. However, with key support in play, this could lead to a price crash below $7,000 in the days or weeks to come.

The bears are currently looking to break prices below $7,100 which is Bitcoin’s short term support. Below this, we could see Bitcoin spiral downwards to retest its long term support of $6,400 before ultimately bouncing back up.

For the bulls, the primary target after getting back above $7,200 is $7,500. This position is a more mid-term position before finally staging another attempt at the $7,700 position. A few days ago, the bulls were violently rejected at this position and will look to climb above it as they strive to get back above $8,000.

Bitcoin Looking Strong Despite Bulls Absence
In terms of the digital asset’s fundamentals, all is looking positive. As we reported, its hash rate has yet set a new milestone reaching an all-time high. Bitcoin’s hash rate is now almost seven times larger than back in 2017.

This means that the network is stronger than ever. Its daily trading volume is also around $20 billion which is considered positive. Lastly, its market dominance remains in the highs of 68% which means better price support both going up and down. For these reasons, many in the crypto community remain optimistic about where Bitcoin is headed.

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