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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Price Won’t Go Quietly, Risk of Bounce Grows

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin price BTC decline

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  • Bitcoin price is down more than 8% and it dived below $7,500 against the US Dollar.
  • The price is currently correcting higher after trading to a new monthly low near $7,300
  • There are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is trading near key supports and it could correct higher towards $7,660 and $7,700.

Bitcoin price is down around $1,000 this week against the US Dollar. BTC bears need to be careful as there could be a nice recovery in the near term.

Bitcoin Price Analysis

This week, bitcoin failed to clear the $8,300 resistance area against the US Dollar. BTC price started a fresh decline and broke many support near the $8,000 handle.

As a result, the bears took control and the price dived more than 8% in the past three sessions. It broke the $7,800 and $7,600 supports levels. Moreover, there was a clear break below $7,500 and the price settled below the 100 hourly simple moving average.

Finally, a new monthly low was formed near $7,302 and the price is currently correcting higher. It recovered above the $7,400 level, plus the 23.6% Fib retracement level of the recent decline from the $8,021 high to $7,302 low.

At the moment, the price is consolidating above the $7,400 and is facing hurdles. An immediate resistance is near the $7,440 level. Additionally, there are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC/USD pair.

The second trend line coincides with the 50% Fib retracement level of the recent decline from the $8,021 high to $7,302 low. If there is an upside break above the $7,660 resistance, the price could recover towards the $7,800 and $7,880 resistance levels (the previous supports).

On the downside, the $7,380 level is an immediate support. If there is a downside break below $7,380, the price could revisit the $7,300 support area. Any further losses are likely to call for a push towards the $7,200 and $7,120 levels.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin is facing a strong selling interest below $7,800. Having said that, the price is down more than $1,000 this week, which means any further losses might be limited. Therefore, there are chances of an upside correction towards $7,660 and $7,800 in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 30 level.

Major Support Levels – $7,380 followed by $7,300.

Major Resistance Levels – $7,440, $7,660 and $7,800.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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