- Bitcoin plunges by more than 5 percent from its swing high of $7,470
- BTC’s attempts to break over the $7,400 and $7,500 marks failed
- Bitcoin heads towards the crucial $6,700 support level
Bitcoin News Today – This weekend has not been a friendly one for Bitcoin (BTC) and the majority of altcoins in the market, as they are in the red. The price of Bitcoin (BTC) is down by more than 5 percent from its swing high of $7,470. The digital currency is currently trading close to the crucial $6,700 support level and the 100 simple moving average.
Bitcoin Heads towards a Crucial Support
Bitcoin (BTC) made some attempts this week to break over the $7,400 and $7,500 hurdle points against the USD. However, the digital currency failed to break over those levels. The price of the digital currency topped out at $7,470 before it started correcting lower. It plunged lower and broke below the $7,200 support mark to move into a bearish zone.
The bears succeeded in pushing the price of the digital currency below the 50 percent Fibonacci retracement level of the previous swing from the low of $6,617 to the high of $7,470. Furthermore, there was a break below a key bullish trendline with a hurdle close to $7,200 on the 4-hour chart of the BTC/USD trading pair.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
The price of the digital currency is now close to the crucial $6,700 support mark and the 100 simple moving average (4-hours). Bitcoin is also trading close to the 76.4 percent Fibonacci retracement level of the previous swing from the low of $6,617 to the high of $7,470. If the bulls fail to hold gains over the crucial $6,700 support mark and the 100 simple moving average, chances are the price of the digital currency would plunge further in the near term.
Below that level, the next major support for the digital currency is close to the $6,400 mark since it is near the 1.236 Fibonacci extension level of the previous move from the low of $6,617 to the high of $7,470. A break below that level could pave the way for more losses towards the $6,080 support zone in the near term.
Can Bitcoin Bulls Start a Fresh Rally Soon?
If the bulls succeed in holding gains over the $6,700 support mark and the 100 simple moving average, it could begin a fresh rally soon. On the upside, the immediate hurdle for the digital currency is close to the $6,950 and $7k marks. However, the first key hurdle point is close to the $7,100 mark, over which the bulls are likely to gain momentum. If Bitcoin successfully breaks over that level, the next resistance lies at the $7,400 and $7,500 marks.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
