Bitcoin failed to go past the crucial level of $7,500 on early Monday for the second time in a few days, suggesting that the orange coin to see larger pullbacks before resuming its bullish trend, analysts said.
Big Chonis Trading said the twelve-hour chart indicates that the lower boundary of the Ichimoku Kinko Hyo stood as a stubborn resistance for the second time.
The scene has produced a warning signal that bears are still having the upper hand over bulls (look at the below two green arrows).
To some extent, technical analyst FilbFilb shared a similar viewpoint after the coin faced reluctance at the said level, according to a recent message to his Telegram Channel.
He believes that the largest cryptocurrency is expected to fall by 7.5 percent to $6,800 by early January, compared with the current the mark of $7,350 recorded at press-time, before witnessing the long-awaited rebound.