Prominent Analyst: Trouble for Bitcoin if Price Corrects Below $7,500

A prominent analyst fears difficulty for bitcoin if its spot rate drops below $7,500.
Nick Cote, the chief information officer at US-based Redacted Capital, said holding the $7,500-level is essential for bitcoin as it began correcting from a yearly high of $8,388 this Thursday. The analyst noted that bitcoin falling below $7,500 could switch the interim market bias in favors of bears, as shown in the chart below.
Bitcoin Price Breaks Below Interim Ascending Trend Line | Image Credits: Nick Cote