- Bitcoin price weekly analysis
- Bitcoin finds a new support level
- The next move could push BTC price below the $7k level or over the $7,280
Bitcoin News Today – Bitcoin (BTC) has been struggling since the beginning of this week. The past week has been really bearish, as Bitcoin (BTC) struggles to recover over the $7,280 and $7,300 resistance levels. The second-largest digital currency by market cap has been well below the $7,400 level and the 100 simple Moving Average (SMA). The continuous downtrend has finally sent the digital currency to the $7k level.
Bitcoin Weekly Analysis
The recent downtrend is such that the price of the digital currency has plunged below the $7,100 support level. The digital currency has formed a new monthly low close to the $7,000 mark and it is still consolidating losses. The immediate resistance of the coin is close to the $7,100 mark. furthermore, the first hurdle is close to the $7,165 mark or the 23.6 percent Fibonacci retracement level of the previous swing from the high of $7,668 to the low of $7,008.
Bitcoin (BTC) Price Today – BTC / USD
The next resistance after that level is close to the $7,280 mark. Moreover, there is the formation of a key bearish trendline with resistance close to the $7,260 level on the four-hour chart of Bitcoin (BTC) against the US dollar. Over the trend line, the 100 simple moving average, 4 hours, is close to the $7,340 zone. More importantly, the 50 percent Fibonacci retracement level of the previous swing from the high of $7,668 to the low of $7,008 is close to the $7,338 mark.
Hence, the $7,280 and the $7,340 marks are crucial resistance level for a decent recovery in the short term. A clear break over the $7,340 mark is likely to pave the way for more gains towards the $7,400 mark.
Bitcoin Finds Support at the $7,000 Level
On the downside, the immediate support of the digital currency is at the $7k level. If the digital currency breaks below the $7k support level, there is a possibility of a sharp downtrend below the $6,880 support level. The major support of the digital currency is close to the $6,600 and $6,500 levels, where buyers are likely to show up.
From the chart of BTC against the US dollar, the price of Bitcoin is clearly trading below a few vital resistance levels close to the $7,280 mark. The next move could be either a decent move over the $7,280 resistance level or a sharp downward trend below the $7,000 level. Analysts expect a lot from the largest crypto by market cap. Will BTC deliver?