Bitcoin price analysis: BTC/USD big test of game-changing weekly support
|- The Bitcoin price is subject to a weekly closure in the red, as the bulls fail to find upside momentum.
- BTC/USD weekly support is being tested by the bears, tracking at $7800.
Bitcoin price is heading for another week closing in the red, the price has failed again to find any upside momentum. It has been the case since the back-end of June, when the bulls ran out of steam, up to within the $13,000 territory.
BTC/USD is flirting with big weekly support seen at $7800, the price has touched this for going on four weeks now. Bitcoin has not traded below this via the weekly since May when the price was moving north at the time.
Technically, a weekly breakout and closure below could be very damaging to the price. It could very well open the door to a fresh wave of selling pressure. The next major weekly support south of this is seen down at $6000.
BTC/USD weekly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.