Bitcoin Stuns Bears — Soars $800 Back Over $7K to Fill Futures ‘Gap’

Bitcoin (BTC) price is currently in the process of a strong reversal, which has seen the digital asset quickly recover 8.16% to trade slightly above $7,200.

On Dec. 17 the digital asset broke below the $6,800 support level and swiftly commenced a tumble to the $6,450 support where it bounced of the lower support of the long-term descending channel.

Many analysts cautioned that if bulls failed to buy into the dip, a price drop below the $6,400 increased the possibility of a revisit to $5,500 to $5,350. Fortunately for bulls, the price bounced off the critical trendline and the digital asset could now be en route to flipping the $7,300 resistance back to support.