Bitcoin Trades Around $7.2k; Holds a Strong Risk of Sliding Below $7k

  • Bitcoin price records a dip of over 5% in two days from ranging at $7,553.42 to bottoming out at $7,161.70
  • The current trading price of BTC is correcting downwards from $7,500-$7,300 price range and is consolidating around $7,200 price area
  • BTC trading price around $7,200 has been stable since past 24 hours with a few traces around the said price area

Bitcoin has been trading in a wide range of $7,000 to $7,500. Currently, it is inclined on the downside and has had enough lower Bollinger Band breakout. The only relief at present is that BTC price is still above $7,000, and a figure below it will give a total bearish crossover. Therefore, $7,150 and $7,000 are the key support levels.

Bitcoin Price Prediction:

BTC/USD Price Chart
Bitcoin Chart by TradingView

Presently, the whole crypto market is submerged under the bearish sentiment, and we believe that Bitcoin’s slide below $7,000 would not be shocking. The selling pressure is quite intense as the ground support level is fading away with every decline. A downside break in BTC price below $7,500 and $7,400 has taken the price to settle around the weekly low if it continues to fall.

Bitcoin is currently facing a strong resistance above $7,400 and $7,500 to gain the right traction for a bullish crossover. There has been almost a stable move by BTC/USD in the past 24 hours without any proper upside trading to cut short the risk of sliding below $7,000.

Technical Indicators of BTC:

The Bollinger Band basis and 50-day MA provide coverage to the current trading price around $7,305–the midrange of $7,000 and $7,500.

The MACD of Bitcoin is running bearishly and is moving to run below zero with a bearish crossover only.

The RSI of the BTC is at 42.95, holds no extremities, but is inclined towards the oversold region. A further breakdown will lead the coin to hit the oversold area. For further details, just go over BTC price prediction to learn every insight as per future perspectives.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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