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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Why Bitcoin Price Abruptly Reversed From a Plunge to $7,000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin btc

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Bitcoin started a downside correction from the $7,447 monthly high against the US Dollar. BTC price tested the key $7,000-$7,100 demand zone and recently revered losses.

  • Bitcoin failed to extend gains above $7,500 and corrected lower against the US Dollar.
  • The bulls protected the $7,000 support area, resulting in a fresh increase.
  • There is a major bullish trend line forming with support near $7,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards $7,500 and $7,800 in the near term.

Bitcoin Remains in the Green Zone

Yesterday, we saw a strong rally in bitcoin above the $7,000 and $7,200 resistance levels against the US Dollar. BTC even broke the $7,400 level, but it struggled to extend gains above $7,500.

A new monthly high was formed near $7,447 and the price corrected lower. There was a break below the $7,200 support area. However, the bulls were able to protect the $7,000-$7,100 demand zone and the price remained stable above the 100 hourly simple moving average.

Bitcoin just reversed and it is now trading above the $7,200 level. There was a clear break above the 50% Fib retracement level of the recent decline from the $7,447 high to $7,085 low.

It is testing the $7,350 area or the 76.4% Fib retracement level of the recent decline from the $7,447 high to $7,085 low. More importantly, there is a major bullish trend line forming with support near $7,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

If there is a clear break above the $7,400 level, the price is likely to surpass the $7,447 high. An immediate resistance is near the $7,500 level, above which the gates are likely to open for a push towards the $7,800 and $8,000 resistance levels.

Dips Remain Supported

On the downside, there are many supports, starting with $7,200. Bitcoin price is likely to remain well bid above $7,200 and $7,100 in the near term.

The main support is now forming near the $7,080 level, below which the bears are likely to aim a test of the $7,000 support and the 100 hourly SMA. Any further losses might lead the price towards the $6,900 breakout zone.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level.

Major Support Levels – $7,200 followed by $7,100.

Major Resistance Levels – $7,400, $7,500 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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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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