Price Analysis

Bitcoin Trades Slightly Above $7,000; Withholds Risk of Bottoming Out

  • Bitcoin trades close to the biggest supports around $7,000 and $7,100 at $7,177.66, as per the data feed from Coinbase
  • BTC holds moderate volatility for the few days to come until the coin shows some signs of improvement
  • The bearish hold remains quite strong due to the selling pressure under which the coin is trading
  • BTC currently trades slightly above 38.2% Fib Retracement level

Bitcoin – the major force of the market breaks terribly as it hits below $7,000, trading around $6,900, yesterday giving a new 90-day low. Although currently, BTC coin is trading above the extreme base in the said time frame, the supports are inactive to provide ready support that can hold the fall.

Bitcoin Price Analysis:

Bitcoin Price Chart
Bitcoin Price Chart by TradingView

Analyzing the 2-day movement of BTC/USD on Coinbase, we see that the coin has had a mix of momentums throughout. From trading with almost stability above $8,000 to trading slightly above the major support at $7,000 with an extreme dip in between, BTC now holds moderate volatility. As rightly observed from the Bollinger Bands formation we see that current price trend has a moderate opening of the bands which shows no extremity of either being squeezed or widened.

Although, we can’t really predict that the future movement as the bears have really set in with absolutely no support from the daily moving averages as well.

BTC, just like any other coin in the market, is trading with utmost selling pressure. The 10-day, 30-day, and 100-day moving average stand at $8,055.35, $8,763.67, and $9,143.60, respectively.

The MACD of the BTC coin is extremely bearish as the signal line overpowers the MACD line and move adjacent to each other, while RSI is at 46.72–all efforts embraced to the Bitcoin whales and loyalists.

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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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