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

  • Bitcoin back in the red on Sunday, as weekend love falters.
  • BTC bears need a daily close below 7,100 to extend the downside.

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


Today last price 7228.78
Today Daily Change -93.84
Today Daily Change % -1.28
Today daily open 7325.62
Daily SMA20 8579.2
Daily SMA50 8462.25
Daily SMA100 9187.48
Daily SMA200 9338.33
Previous Daily High 7346.02
Previous Daily Low 7104.54
Previous Weekly High 8633.09
Previous Weekly Low 6787.81
Previous Monthly High 10484.7
Previous Monthly Low 7300.54
Daily Fibonacci 38.2% 7253.77
Daily Fibonacci 61.8% 7196.78
Daily Pivot Point S1 7171.43
Daily Pivot Point S2 7017.25
Daily Pivot Point S3 6929.96
Daily Pivot Point R1 7412.91
Daily Pivot Point R2 7500.2
Daily Pivot Point R3 7654.38



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 risks a drop to $10,500 amid bearish technical set up

Bitcoin (BTC/USD) reversed Friday’s temporary reversal and resumed the previous bounce on Saturday, only to find stiff resistance once around the $10,800 region. A potential rising wedge formation spotted on the hourly chart. Acceptance below 10,693 could revive the bearish bias.

More Bitcoin News

Cardano Price Prediction: ADA bulls to regain control amid golden cross on hourly chart

ADA/USD consolidates the pullback from three-month lows on Saturday. Golden cross formation spotted on the hourly chart; RSI still bullish. Bulls are likely to regain control, eyeing a break above $0.10 mark.

More Cardano News

NEO Technical Analysis: A test of 200-HMA likely on NEO’s road to recovery

NEO/USD witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark. The buyers have regained control this Saturday, allowing a tepid bounce in the spot.

More NEO News

Crypto Market Update: Bears return on Saturday, Ethereum eyes 8% weekly loss

Sellers return across the crypto board amid quiet Saturday trading. The crypto market looks unconvinced over the recent recovery rally. Ethereum eyes a weekly loss of 8%, the worst performer when compared to its peers, Bitcoin and Ripple.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast