Bitcoin Price Analysis: Bears eye $6775 amid symmetrical triangle breakdown

  • BTC/USD breaks the three-day consolidation to the downside.
  • BTC bears target a break below 6800 amid bearish technical view.
  • A move above 7K needed for a sustained pullback.

Bitcoin (BTC/USD), the world’s largest cryptocurrency, is consolidating the latest sell-off to the lowest level in four days reached in the last hour at 6,876.90. The sellers returned with pomp and show amid Good Friday induced thin trading, as the No. 1 coin broke the three-day consolidative phase to the downside, representing a corrective move from monthly tops of 7,468.81. At the press time, Bitcoin is attempting a recovering from daily lows near 6,930 region, still sheds 5% on a daily basis. Its market capitalization stands at $127.06 billion.

Technical Overview

BTC/USD 1-hour chart


Technically, as observed on the hourly chart, the coin charted a symmetrical triangle breakdown in late Asia, following a breach of the triangle trendline support near 7,170 region. Subsequently, the selling interest intensified and knocked-off the price below the key support around the 7,000 level, the confluence of the psychological level and upward sloping 200-hourly Simple Moving Average (HMA).

The bearish bias was also reflected by the hourly Relative Strength Index (RSI) diving into the oversold territory. The RSI still has further room southwards before bottoming out and therefore, suggests the extension of the downside towards 6,775, the pattern target.

However, the most favorite coin could bounce back towards the previous key support-now-turned resistance around 7,000 before resuming the decline. Only a sustained breakthrough the latter could see the recovery momentum gaining traction for a test of the pattern’s ascending trendline resistance, now located at 7,185.

All in all, the risks remain skewed to the downside in the near-term, should markets respect the bearish break.

BTC/USD technical levels to watch


Today last price 6934.81
Today Daily Change -358.23
Today Daily Change % -4.91
Today daily open 7295.17
Daily SMA20 6656.52
Daily SMA50 7377.71
Daily SMA100 8151
Daily SMA200 8101.25
Previous Daily High 7375.98
Previous Daily Low 7111.06
Previous Weekly High 7254.75
Previous Weekly Low 5854.85
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 7212.26
Daily Fibonacci 61.8% 7274.78
Daily Pivot Point S1 7145.49
Daily Pivot Point S2 6995.81
Daily Pivot Point S3 6880.57
Daily Pivot Point R1 7410.41
Daily Pivot Point R2 7525.66
Daily Pivot Point R3 7675.33



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

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast