Price Analysis

Bitcoin–The King Steps Down the Throne, as it Slips Recklessly Below $7,000

  • The king of cryptocurrencies – Bitcoin slips below $8,000 and even below $7,000 on Coinbase
  • BTC price marks the fresh decrease below $8,000 and $7,000 after almost 6 months of the moderate bull trend
  • Bitcoin records the new 90-day low as it breaks in despair

BTC price, unable to maintain the peak, slides down recklessly as it breaks below $8,000 and $7,000 rapidly without a halt. This market break is embraced to be quite dense as the end to the ongoing year is nearer, and we believe that the market will utterly dip to the point from where it grew.

Bitcoin Price Analysis

Bitcoin (BTC)
BTC Price Chart By TradingView

Analyzing the 2-day movement of BTC/USD on Coinbase, we clearly see the emphasized fall that Bitcoin has faced. The currency now trades with ultimate selling pressure as it trades close to $7,000 at $7,091.99 after having grown from the manhole at $6,935.28.

As observed keenly, the price trend of BTC had a straight and almost stable run until it was above $8,000, maintaining an edge to fall. However, unable to hold, BTC price slid below $8,000 and even below $7,000 rapidly as the volatility broke in, manifested by the 20-day Bollinger Bands. Also, the immediate opening of the Bollinger Bands is quite widened, which shows that the BTC price can even eye at $6,500 or even lower.

The downfall has been quite steep as the supports remain inactive to provide the grounded hold.

The selling pressure is quite dense as all the short-term as well as the long-term moving averages viz., 10-day, 50-day, and 200-day remain at $7,139.61, $7,491.70 and $7,824.98 respectively.

While the MACD of Bitcoin slips below zero and holds the strong bearish run, RSI has already slid in the oversold region and is at $23.56, exhibiting the subsequent extremity.

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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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