Price Analysis

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.

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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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