As the year 2019 runs to an end, Bitcoin’s price continues to trade above the $7000 support for some days now following a sharp rejection at $7700 on December 23. The short-term bullish sentiment would remain valid as long as Bitcoin stays above technical support of $7000. Today, BTC dominance is up by 68.9% but the entire market cap keeps depreciating below $200 billion. However, we can expect the down trend after $7000 breaks.
Bitcoin is now gearing for an upward movement after creating new support at $7000 , though the $7000 support has remained the last defence line for the bulls. This support may be at threat if the bears show strong interest in the market. But looking at the current market structure, Bitcoin is forming another bearish setup.