Bitcoin is trying to gain a foothold at $7300

As FortFS analysts expected, Bitcoin market found support on the $7240-$7300 region. Shortly before the Friday start of US trading, the market bounced off yesterday's lows and is trading at $7400.

Earlier the price fell below $7250, on the background of increased sales. After three consecutive red trading sessions, the Bitcoin price dropped from 7900 to 7250 dollars, eventually stabilizing at the level of 7300 dollars.

It is obvious that the cryptocurrency market is in the short-term bearish cycle. In a very volatile bear market environment, positive market and near-market events often do not affect the market and are simply ignored. Although the positive news has not been in the crypto market for a long time. The only factors that matters for bear market are - in addition to the constant desire to sell - the technical factors and overboughtness factors.

Although now bulls have everything necessary to intercept the initiative and stop the market at current levels, if the pressure of the bears continues, the next level of support will be the $6580 zone.

It is interesting enough that during its short history over the past 12 months, Bitcoin recorded three large-scale declines. All three downward movements were stopped at the same level of support in the region of 6600-6000 US dollars. Bitcoin fell from $20000 to $ 6000, but then again recovered to $12000.

A similar trend occurred when the price rose from $6400 to $11000. It is possible that the price will again fall to the region of $6000-$6400 dollars and will immediately indicate a strong rally to up the region of 11000 dollars - 12000 dollars. We will find out how the events will develop next week.

FortFS