Bitcoin price analysis: Bearish bias intact while below $ 7,350

Bitcoin (BTC/USD), the most favorite cryptocurrency, is under pressure so far this Sunday, having run into stiff resistances aligned near 7,350 region on its multiple recovery attempts.

The no. 1 coin saw a temporary reversal on Saturday from Friday’s half-yearly lows of 6,787. However, the selling bias resumed, as the market could be seeing it as a more of a dead bounce and refrain from buying into any short-lived optimism. At the press time, the spot hovers around 7,225, down nearly 1.35% on the day while almost unchanged over the last 24 hours. Its market capitalization now stands at $ 132.55 billion or 66.16% of the total crypto market capitalization.

Technical Overview

The spot is now teasing a symmetrical triangle breakdown on the hourly sticks, with an hourly closing below the ascending trendline pattern support at 7,200 likely to confirm a bearish break. The selling pressure is likely to intensify that could knock-off the pair towards the next demand zone around 7,100 levels. A breach of the last could bring the half-yearly lows back on the sellers’ radar. The widely traded digital asset has breached the horizontal 21-hourly Simple Moving Averages (HMA) at 7,250 while the hourly Relative Strength Index (RSI) inches further below the 50 level en-route the oversold territory, suggesting that there is room for further declines.

On the flip side, should the bulls manage to defend the 7,200-support area, the range play within the potential symmetrical triangle formation will likely continue. The price could re-attempt the 21-HMA, the now support-turned-resistance, opening doors towards a test of the 7,350 upside barrier, the confluence of the previous high and descending trendline pattern resistance.

For now, it looks that the bears are awaiting a fresh catalyst to resume the recent downtrend, as the recovery attempts lack substantial follow-through.

BTC/USD 1-hour chart

BTC/USD Levels to watch