Bitcoin price analysis: $ 7,265 to cap the bounce amid rising wedge breakdown

  • Bitcoin trades flat on Saturday, with bias leaning to the downside.
  • Rising wedge breakdown spotted on hourly sticks, with bears eyeing 7,075.
  • However, a rebound cannot be ruled out in the near-term.

Bitcoin (BTC/USD), the most favorite cryptocurrency, is trading little changed so far this Saturday, having run into stiff resistances aligned near 7,265 region on its multiple upside attempts.

The no. 1 coin saw a temporary reversal on Friday, having formed three back-to-back doji candles on the daily chart earlier this week. Despite the bounce, the sellers appear to have returned over the last hours, as the market is unwilling to buy into any short-lived optimism. At the press time, the spot hovers around 7,250, almost unchanged over the last 24 hours while down nearly 4% on a weekly basis. Its market capitalization now stands at $ 131.56 billion or 66.60% of the total crypto market value.

Technical Overview

A rising wedge pattern breakdown (bearish reversal pattern) was confirmed on the hourly chart last hour after the spot breached the ascending trendline (pattern) support at 7,245. Therefore, the immediate support now awaits around 7,220 region, where the 50 and 100- hourly Simple Moving Averages (HMA) coincide. The selling pressure will intensify below the last, opening floors for a test of the pattern target aligned at 7,075, in absence of strong relevant supports.

However, an interim bounce-back towards the key supply zone near 7,265 cannot be ruled out, with the hourly Relative Strength Index (RSI) having rebounded from oversold territory towards the midline. Should the bulls manage to take out the above-mentioned hurdle, a test of the pattern upper trendline resistance at 7,317 is inevitable.

BTC/USD 1-hour chart

BTC/USD Levels to watch


Today last price 7251.53
Today Daily Change -0.64
Today Daily Change % -0.01
Today daily open 7252.19
Daily SMA20 7341.62
Daily SMA50 8115.76
Daily SMA100 8621.98
Daily SMA200 9363.89
Previous Daily High 7299.91
Previous Daily Low 7182.44
Previous Weekly High 7654.18
Previous Weekly Low 7076.68
Previous Monthly High 9580.19
Previous Monthly Low 6526.82
Daily Fibonacci 38.2% 7255.04
Daily Fibonacci 61.8% 7227.32
Daily Pivot Point S1 7189.78
Daily Pivot Point S2 7127.38
Daily Pivot Point S3 7072.31
Daily Pivot Point R1 7307.25
Daily Pivot Point R2 7362.32
Daily Pivot Point R3 7424.72



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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD is on the verge of a massive rally, on-chain data implies

Bitcoin's address activity has reached 1.07 million, which is the highest level since January 2018, according to the cryptocurrency data provider Santimnet.

More Bitcoin News

EOS /USD enters bullish phase, gains 2% in a matter of minutes

EOS/USD catapulted to $2.44 having gained over 2% of its value in a matter of minutes. By the time of writing, the coin retreated to $2.40; however, it is still nearly 2% since the start of the day and 1.45% higher on a day-to-day basis.

More EOS News

XRP/USD attempts a recovery, still within the range

Ripple (XRP) has been trading in a tight range since the end of June. At the time of writing, the coin is changing hands at $0.1770, having gained over 1% since the beginning of the day. 

More Ripple News

ADA/USD drops down following a heavily bullish Wednesday

ADA/USD bears dropped the price down from $0.0976 to $0.0945 this Thursday. This followed a heavily bullish Wednesday, wherein the price flew up from $0.0833, climbing above the 20D Bollinger Band.

More Cardano News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast