Bitcoin price analysis: BTC/USD retraces above $7,000, price still lacking the momentum to correct higher
|- The traders are shifting sentiments towards Bitcoin as buyers regain short-term control of the market.
- The 100 Simple Moving Average is currently working as the support level.
Bitcoin price has crossed above the pivotal $7,000 level on Monday in the current trading session. The cryptocurrency is up 5.47% after trading lows of $6,450. The buyers have been in control of the price from the opening of the session today.
The price has broken past key resistance levels at the 50% and 61.8% Fib retracement levels with the last swing high of $7,177 and a low $6,450 respectively. The recent swing above $7,000 lacked the momentum to break past $7,100 to the upside.
There is a growing bearish trend around $7,059 on the intraday 30’ minutes chart. The 100 Simple Moving Average is working as the immediate support level for BTC/USD at $6,890. If the bearish trend continues and the price breaks below this level, the next stop could be the previous major support level at $6,450.
BTC/USD intraday 30’ chart
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