Prominent Analyst: Trouble for Bitcoin if Price Corrects Below $7,5006.6

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.

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