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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Breakdown Below $7K Likely, $6.5K Could Be Next

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

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  • Bitcoin price is declining and it is now trading below the $7,200 support against the US Dollar.
  • The price is likely to struggle near the $7,200 and $7,280 levels if it corrects higher.
  • There is a key bearish trend line forming with resistance near $7,190 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of a downside break below the $7,000 support area in the near term.

Bitcoin price is sliding below key supports against the US Dollar. BTC remains at a risk of more losses below $7,000 and $6,800 if it stays below $7,280.

Bitcoin Price Analysis

Yesterday, we saw an increase in selling on bitcoin below the $7,300 support against the US Dollar. BTC price declined further and broke a few key supports near $7,280 and $7,200.

Moreover, there was a close below the $7,200 support and the 100 hourly simple moving average. Finally, the price spiked below the $7,100 level and tested the $7,080 support.

A low was formed near $7,078 and the price is currently correcting higher. It is trading above the $7,150 level. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $7,297 high to $7,078 low.

An immediate resistance is near the $7,165 level (the recent breakdown support). The first key resistance is near the $7,200 level. Additionally, the 50% Fib retracement level of the recent decline from the $7,297 high to $7,078 low is near $7,190.

More importantly, there is a key bearish trend line forming with resistance near $7,190 on the hourly chart of the BTC/USD pair. Therefore, bitcoin price is likely to struggle near the $7,190 and $7,200 levels.

If there is an upside break above the $7,200 resistance, the price could recover towards the $7,280 resistance. The next major resistance is near $7,340, the 100 hourly SMA, and $7,400.

On the downside, an initial support is near the $7,100 and $7,080 levels. If there is a downside break below the $7,080 area, the bears are likely to aim a clear break below the $7,000 support area in the near term.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is under a lot of pressure below the $7,200 area. Thus, there are high chances of another breakdown below the $7,000 support. The main target for the bears could be $6,600 or $6,500.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 40 level.

Major Support Levels – $7,080 followed by $7,000.

Major Resistance Levels – $7,200, $7,280 and $7,340.

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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.

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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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