Bears Take Control Over Bitcoin (BTC); Eyeing to Retest $7k

Mehak PunjabiApril 10, 2020Last Updated: May 5, 2022

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Bitcoin price has been up by 6.53% in the last seven days, and the value has reached $7265
As per the recent bearish move, BTC may retest its previous support $7000 before making any steep movement
If Bitcoin crosses $7300 mark then it can easily crack its major resistance $7800

Bitcoin’s last week was more or less a stable one. For a major part of the week, it showed upside momentum, and the price is up by 6.53% over the last seven days. It is currently being traded around 7265.26.

If we look at the weekly chart of BTC/USD, after hitting $7450, the currency trades bearishly till today. Despite this bearish movement, Bitcoin still holds upward momentum, but as per its movement of the past three days, it may retest its crucial support $7000 before marking a rally.

Bitcoin Price Analysis

BTC has been under immense pressure from the last few days as its value has shown significant price volatility. Over the last 30 days, the coin has dwindled from $8000 to $4000. After giving shocks to investors for a major part of the month, it has shown strength over the last few days.

The price of Bitcoin was trading at $6819 at the starting of the week, and over the next four days, it managed to get an upsurge of 9.26% and hit $7450. After hitting this high, it marked a 4.56% price correction that cost $339 and pulled the price down to $7111 by April 07.

Further, BTC registered moderate upside movement between April 07 & 09. In these two days, the price ballooned up by 2.94% and touched $7320. However, at the time of writing this analysis, Bitcoin faced moderate regressive movement, and the price touched $7265.

As per Bitcoin future prediction, it may soon face downside correction and retest previous support of $7100, and if it continues to trade downwards, it may cross the $7k mark.

Bitcoin price is struggling to catch its 20 days MA ($7282.5) and 50 days MA ($7297.33). Its MACD line is well below the signal line. No visible sign of price improvement is there for BTC in the short-term.