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

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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 CoteCote showed bitcoin breaking below a crucial ascending trendline and forming lower lows towards $7,836.23. The price action flipped the then-current range support – defined by $8,210-8,246 – to resistance and brought new support targets in sight. One of these supports is at $7,500, a level which served as strong resistance to bitcoin’s multiple upside attempts during May 12-13 session. The same level turned support after the bitcoin price closed above it…

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