Bitcoin Price Watch: BTC/USD’s Struggle Continues

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price remains in a bearish trend and is currently trading around $7,000 against the US Dollar.
There is a crucial bearish trend line in place with resistance at $7,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $7,000 handle to avoid further losses in the near term.

Bitcoin price is under a strong selling pressure below $7,300 against the US Dollar. Let’s see if BTC/USD can hold the $7,000 support level or not.

Bitcoin Price Analysis

There was no major upside recovery above $7,350 in bitcoin price against the US Dollar. The BTC/USD pair corrected higher a few points yesterday, but buyers failed to push the price above the $7,350 and $7,400 resistance levels. As a result, there was a downside reaction and the price broke the last swing low of $7,150. It traded close to the $7,000 level and a low was formed at $7,048.

At the moment, the price is consolidating losses above the $7,000 and it remains at a risk of more losses. An initial hurdle for buyers is near the 23.6% Fib retracement level of the last decline from the $7,445 high to $7,048 low. However, the most significant resistance is close to $7,250, which was a support earlier. The stated $7,250 level is also around the 50% Fib retracement level of the last decline from the $7,445 high to $7,048 low. Above $7,250, there is a crucial bearish trend line in place with resistance at $7,300 on the hourly chart of the BTC/USD pair.

Looking at the chart, the price is clearly struggling to move higher above $7,250 and $7,300. If buyers continue to struggle, bitcoin could drop sharply and it might break the $7,000 support in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is still in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently moving lower towards the 30 level.

Major Support Level – $7,000

Major Resistance Level – $7,250

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.

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.
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