• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Flashes “Warning Signs” After Facing Grim Rejection at $7,500

Cole Petersen by Cole Petersen
11 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin
Advertisement

Bitcoin has been able to stabilize within the lower-$7,000 region in the time following its recent upswing, with its ability to flip this previous resistance region into support being a bullish near-term sign that suggests further upside may be imminent.

Presently, it does appear that a bearish undercurrent is beginning to form, however, as the cryptocurrency is currently flashing a few grim signs that could suggest its recent highs will be a mid-term top.

This comes after the benchmark crypto faced to swift rejections around $7,500 on two occasions, with analysts widely noting that this could spark a downside movement.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Stable Within $7,000 Region Despite Facing Multiple Rejections at $7,500 

At the time of writing, Bitcoin is trading up just under 3% at its current price of $7,330, which is around the point at which it has been trading at in the time following its surge seen yesterday.

This rally led the crypto to highs of $7,500, which is where it has now faced two rejections at, signaling that this is a significant resistance region for the cryptocurrency.

If bulls are unable to step up and invalidate this level as resistance in the hours ahead, it is possible that this will lead the crypto to test the support it has established around $7,000.

One trader on Twitter mused the implications of this resistance in a recent tweet, in which he noted that its early-morning decline from its highs marks a “notable rejection.”

“BTC – a more notable rejection than the last one … bitcoin 1hr chart,” he said.

Bitcoin BTC
Image Courtesy of Big Chonis

It does seem as though this could be a short-term double top formation, although this bearish possibility will only be confirmed if the crypto continues declining further in the near-term.

Analyst: BTC is Flashing Some Bear-Favoring Warning Signs

One factor that could shift the tides back into seller’s favor and confirm $7,500 as an insurmountable resistance level is that buyers are struggling to maintain Bitcoin’s price above its 20-day moving average support, with its 12-hour chart also flashing a potential “tweezer top.”

Another analyst spoke about these bear-favoring factors in a recent tweet, saying:

“Bitcoin – Some warning signs as bulls lose MA 20 support on the 1 hour, 12 hour chart has potential for a tweezer top.”

If these factors do force Bitcoin lower in the days and hours ahead, the potential double top that has been formed around $7,500 could be confirmed, thus perpetuating the crypto’s selloff.

Tags: bitcoinbtcusdcrypto
TweetShare33
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

5 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

5 hours ago
bitcoin miner btc bullish

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

10 hours ago
sovi finance

SOVI on HECO Liquidity Mining Updates

17 hours ago
alfacash

Alfacash- the One-Stop Solution for All Crypto Needs

20 hours ago
PIVX

PIVX, a Project that Perfects the Balance Between Privacy and Practicality

21 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.